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Shipping activity through the Strait of Hormuz has remained under pressure since tensions involving Iran escalated earlier this year.
Strait of Hormuz. File pic/AP
Iran on Monday clarified that it was charging ships for “navigational services” while passing through the strategic Strait of Hormuz and not imposing any transit tolls. Speaking during a weekly press briefing, Iranian foreign ministry spokesperson Esmaeil Baqaei said the fees were linked to maritime and environmental services provided in the region.
“The services that are provided — navigational services in addition to the measures necessary to protect the environment of the Strait of Hormuz, the Persian Gulf and the Sea of Oman — require the collection of certain fees,” Baqaei said.
The clarification came after reports claimed that Iran had begun seeking payments from some commercial vessels for passage through the Strait of Hormuz amid rising regional tensions and disruptions in maritime trade.
A Reuters investigation published earlier this month reported that Iran had tightened its grip over the strategic waterway through island checkpoints, stricter military screening and controlled shipping routes. The report also claimed that some vessels were being asked to pay charges linked to security and navigation services.
The developments sparked concern in global energy markets because the Strait of Hormuz carries nearly one fifth of the world’s oil and liquefied natural gas shipments. Any disruption, restriction or additional cost linked to the route could impact fuel prices and international supply chains.
What Is Happening In The Strait Of Hormuz?
Shipping activity through the Strait of Hormuz has remained under pressure since tensions involving Iran escalated earlier this year.
Reuters reported that vessel movement through the corridor has declined sharply after Iran stepped up military monitoring and introduced tighter transit controls in the region. Before the conflict intensified, nearly 125 to 140 ships crossed the strait daily, but traffic has reduced considerably in recent months.
Iran has also put in place a new system requiring commercial vessels to coordinate their movement through the strait with Iranian authorities.
Several governments and global shipping companies, including the United States, have expressed concern over reports of possible transit charges and navigation restrictions in the international waterway. US Secretary of State Marco Rubio recently described any proposed tolling mechanism in the strait as “unacceptable”.
Impact On Global Oil Markets
The uncertainty surrounding the Strait of Hormuz has already begun affecting global energy markets and fuel prices.
Major Asian economies including India, China, Japan and South Korea depend heavily on crude oil shipments passing through the corridor. Experts warn that any prolonged disruption in the region could push up shipping costs, insurance premiums and fuel prices worldwide.
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