Iran is working to assert control over the Strait of Hormuz, informing shipping companies that vessels require both its permission and mandatory insurance to transit the vital waterway. This development follows a temporary peace deal between the U.S. and Iran, which aimed to reopen the strait. The conflicting messages arose as the shipping industry assessed the safety of transiting the strait and as a mine was reportedly spotted near Oman's coast, contributing to a drop in observed ship traffic after an initial surge.
The U.S. has stated that approximately 20 ships successfully navigated the strait overnight via a route along Oman's coast, suggesting an alternative to Iran's demands. This comes amid scrutiny from the international shipping industry regarding transit safety and the future administrative system for the strait. The situation highlights a growing tension despite the recent interim agreement between the U.S. and Tehran.
The interim agreement, signed on June 20, specified that Iran would use its "best efforts for the safe passage of commercial vessels, with no charge." However, this arrangement is only valid for a 60-day period, with the permanent status to be determined in future negotiations. Iran had previously sought up to $2 million in fees per oil tanker for safe passage, and leaders anticipate potential annual revenues of up to $40 billion if full control is established. The Islamic Revolutionary Guard Corps is running a vetting process for ships, raising concerns for operators about potential U.S. or EU sanctions if they pay fees to the sanctioned organization. U.S. Secretary of State Marco Rubio has publicly stated that the U.S. will not accept any fees or tolls or acknowledge Iranian sovereignty over the international waterway.
