Iran and Oman are negotiating a potential toll for Western vessels transiting the Strait of Hormuz, according to Kazem Jalali, Iran’s ambassador to Moscow.
The development marks a significant escalation in the two nations' joint administration efforts for the strategic waterway, which handles roughly a fifth of the world's oil supply.
The prospect of formalized transit fees introduces a new variable for global energy markets and shipping logistics.
While no specific rates or implementation timelines have been disclosed, the mere negotiation of such a mechanism signals a shift from passive security concerns to active economic leverage.
This adds to the existing risk premium already embedded in freight rates and energy prices due to ongoing security incidents in the region.
This move follows recent agreements between Tehran and Muscat to study the costs of administering the Strait, asserting their sovereignty over the territorial waters.