Iran could soon be rolling in money if it goes ahead with charging vessels for passing through the Strait of Hormuz – at $1,000,000 per ship.
It comes as Secretary of Defence Pete Hegseth and General Dan Caine, the chairman of the Joint Chiefs of Staff, told reporters that the Strait of Hormuz has reopened today.
Hegseth said ships will soon ‘be sailing’ through Hormuz, adding: ‘It’s time for the remaining of the world to step up and be certain that that stays open, after President Trump and the War Department brought Iran to the place where they’re voluntarily opening it without delay, as was announced last night.’
But reports from the Gulf show that several vessels received messages from Iran’s navy saying that the Strait of Hormuz was still shut down.
‘Any vessel attempting to travel into the ocean … can be targeted and destroyed,’ the message said.
British Prime Minister Keir Starmer said on Wednesday there was still numerous work to do to reopen the Strait of Hormuz.
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‘We now … have a ceasefire, but there’s numerous work to do, as you’ll appreciate, numerous work to be certain that that ceasefire becomes everlasting and brings concerning the peace that all of us want to see,’ he said in a speech to military personnel at a base in Saudi Arabia.
Reuters is reporting that a senior Iranian official said Tehran could open the Strait ahead of peace talks later this week – but it surely can be conditional on an agreed ceasefire framework – and all ships which pass would should be approved by Iran.
The US government doesn’t appear to have recognised Iran’s plan to charge vessels within the Strait, but Iran said the brand new peace deal would allow it to ‘formalise’ the technique of charging ships.
Still, the terms weren’t clear, nor was whether ships would feel secure using the crucial transit lane for oil.
The ten-point plan Tehran proposed for lasting peace mentioned that the US would allow Iran to manage the Strait of Hormuz.
Iran could soon use money raised by charging ships for the country’s reconstruction.
What does the reopening of Hormuz mean for petrol prices?
Drivers could finally be in for some respite after the Iran war sent petrol prices through the roof at forecourts across the UK as the important thing oil route was blocked.
Nonetheless, fuel markets won’t return to normal overnight, and trust within the ceasefire is overshadowed by the unpredictability of the warring parties that might throw every thing back to square one, Metro transport correspondent Noora Mykkanen reports.
The situation is bleak at petrol pumps particularly, although the industry has continued to insist there isn’t a sign of fuel supplies running out.
Simon Williams, RAC’s head of policy, said the most effective hope for drivers is that pump prices stop rising further and plateau in the approaching days.
Nonetheless, it will rely on three things – the ceasefire stability, whether oil shipments can move freely through the strait, and long-term oil production across the broader Gulf region, he said.
Why is the Strait of Hormuz so vital?
Tankers collecting from various ports on the Persian Gulf must undergo Hormuz, a 60-mile-wide a part of the Persian Gulf which has been at the center of regional tensions for a long time.
Although most chokepoints will be bypassed by utilizing other routes, which regularly add significantly to transit time, some don’t have any alternatives.
Maritime ship experts say shipowners are increasingly wary of using the waterway, with some ships having tightened security and others cancelling routes there.
The UN allows countries to exercise control of their territorial seas as much as 13.8 miles from their coastlines, and a few portions of the Strait lie entirely in Iran and Oman’s territorial waters.
This has made the conflict between Iran and the US much more stressful.
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