Iran's ambassador to Moscow has revealed that the Strait of Hormuz will remain navigable, albeit with certain restrictions, to be jointly established by Iran and Oman.
Oil exports through the Hormuz Strait were previously responsible for one-fifth of global supply, but US-Israeli hostilities with Iran have significantly reduced these shipments. Despite some recent departures from the Gulf, oil and LNG transport remain heavily restricted due to ongoing conflict.
Related ↗British companies halt recruitment amid Iran conflict impact, REC research indicates.Iran's envoy in Moscow, Ambassador Kazem Jalali, stated that the Hormuz Strait will remain accessible, albeit under newly established conditions set by both Iranian and Omani authorities.
Iran's ambassador in Moscow stated that the Hormuz Strait will continue to be navigable, albeit with associated costs incurred by users of its facilities.
Read next ↗Tate & Lyle accepts a £2.7 billion all-cash acquisition from Ingredion.A key condition of any lasting peace agreement is Iran's right to charge tolls for vessels navigating the Hormuz Strait, with rates adjusted according to vessel type, cargo and environmental factors.
US President Donald Trump strongly rejects this stance. The US issued a warning in late May to Oman, cautioning against involvement in any initiative with Iran to introduce a fee for passage through the Hormuz Strait. Treasury Secretary Scott Bessent was informed that no plans existed for imposing tolls.
Monday saw Israel confirm that its military operations had indeed targeted sites in both western and central Iran, despite prior warnings from the US administration.
Prior to the conflict, nearly all of Japan's oil requirements came from the Middle East, but when a Japanese-owned tanker traversed the strait in May, Tokyo refused to pay any toll.
The U.S.-Israeli war through the Hormuz Strait were previously responsible for one-fifth of global supply, but US-Israeli hostilities with Iran have significantly reduced these shipments. Despite some recent departures from the Gulf,oil and LNG transport remain heavily restricted due to ongoing conflict.
