Tehran and Muscat to impose new charges on vessels passing through the key oil chokepoint, sparking supply concerns.
Iran announced plans to introduce transit fees for ships passing through the Strait of Hormuz, a critical route for global oil supplies. The move, coordinated with Oman, aims to charge for services provided in the waterway, though details remain unspecified.
The Strait of Hormuz handles about 20% of the world’s oil trade, with prior disruptions causing sharp price swings. Analysts warn any restrictions could tighten supply, though Iran insists the strait will remain open.
Oil prices surged in response, with WTI crude rising 4.6% to $92.65 amid heightened geopolitical risks.