…As Brent Crude Price Drops To $96 P/Barrel
Iran disclosed late Tuesday that it had started easing restrictions on transit through the Strait of Hormuz, saying vessels not deemed hostile and not supporting military action against it may pass.
Meanwhile, expectations of amicable resolution of the Middle East tensions through dialogue between the U.S and Tehran on the lingering attacks by U.S-Israeli forces against Iran moderated the Brent crude price to $96 per barrel on Tuesday.
According to Iran’s mission to the United Nations, to enjoy access to the Strait, ships must comply with Iranian security regulations and coordinate their passage with relevant authorities.
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In addition, Iran is charging $2 million transit fees on some commercial vessels passing through the Strait of Hormuz, indicating Tehran’s control over the world’s most important maritime energy channel.
Payments of up to $2 million per voyage are being sought on an ad hoc basis by Iran, thereby creating an informal toll on the waterway.
Sources familiar with the voyage fee, who spoke on condition of anonymity to journalists, confirmed that some vessels had made the payment, although the mechanism and the currency used for the payments were not clarified.
The Strait of Hormuz has become a central issue in the ongoing U.S-Israeli war with Iran. Tehran has over the past weeks attacked vessels in the waterway, closing off a key shipping route for global oil and gas supplies.
The Strait of Hormuz is the only link between the Gulf and the world’s oceans, and it is regarded as one of the most important shipping routes globally, with around 20 per cent of the world’s oil supply normally passing through it.
