Iran is reportedly planning to charge ships for safe passage through the Strait of Hormuz as its blockade of the waterway has pushed oil above $100 a barrel in a historic global energy supply disruption.
Tehran officials are drafting legislation that would slap tolls on tankers passing through the strait in an attempt to solidify Iranian control over the vital maritime route, which transports 20% of the world’s oil supply, an Iranian lawmaker told Fars, a state-backed news agency.
A draft has been prepared and lawmakers are hoping to finish a proposed bill by next week so it is ready to present to parliament, according to the report.
Investors are hoping that the US-Israeli war with Iran will be short-lived so oil prices can normalize – though analysts have warned that attacks on Middle East energy infrastructure and halts on production from some oil fields could keep prices elevated even if the war ends soon.
President Trump announced during a Cabinet meeting Thursday that Iran has let 10 oil tankers move through the strait this week as a “present” to the US.
But oil futures were sharply up Thursday – with Brent crude soaring more than 5% to roughly $108 a barrel – and stocks moved lower after mixed messaging on peace talks from the US and Iran.
Trump said Thursday that the US has “very substantial talks going on with respect to Iran,” after tweeting earlier in the day that Tehran’s negotiators “better get serious soon, before it is too late.”
Iranian leaders have reportedly rejected a 15-point peace plan from the Trump administration, and they have repeatedly denied having discussions with US officials.
The peace plan was delivered via Pakistan, which has acted as a mediator, US Special Envoy Steve Witkoff said during the Thursday Cabinet meeting.
He added that the US has had “multiple reach-outs from the region and others who want to play a role in ending this conflict peacefully.”
Dozens of oil tankers carrying Iranian crude have been allowed to safely transit through the strait, using secret codes to bypass the blockade, according to the Times of London.
The Telegraph, meanwhile, reported that as many as 20 vessels have been allowed through the strait – if they pay tolls as high as $2 million to the Iranian regime.
Meanwhile, Iran has reportedly attacked several oil tankers in the Persian Gulf and launched strikes on a massive liquefied natural gas plant in Qatar and energy facilities in Saudi Arabia.
Gulf countries issued a joint statement Thursday blasting Iran’s “criminal” strikes on neighboring nations – adding that they are prepared to defend themselves if necessary.
The statement also called on the Iraqi government to “take the necessary measures to immediately halt the attacks.” The US has reportedly launched airstrikes on the headquarters of Iraq’s Iran-backed Shiite militia.
