Iran Says Strait of Hormuz to Stay Open, But With Transit Fees

Iranian Ambassador to Russia, Kazem Jalali, announced that the Strait of Hormuz will remain open to shipping, but under revised terms set by Iran and Oman. The new rules will include a transit fee for vessels passing through the strategic waterway, as reported by Reuters.

The Strait of Hormuz is a critical chokepoint for global oil shipments, with about 20% of the world's petroleum passing through it. Any change in access or cost structure can have immediate implications for crude oil prices and the broader energy market.

While the exact fee structure and implementation timeline remain unclear, the statement signals that Iran intends to maintain a degree of control without fully closing the strait. Traders will monitor further developments for potential impacts on supply routes.