Iran plans to impose a transit fee on vessels passing through the Strait of Hormuz

Iran Moves to Impose Transit Fees on Ships in Strait of Hormuz

Iran is taking a step that could have major implications for global oil flows. In the early hours of March 26, the head of the Iranian parliament's Civil Committee announced a new legislative push.

"We are seeking a bill that would both legally uphold Iran's sovereignty, dominance, and regulatory authority over the Strait of Hormuz," he said, "and generate revenue for the country by levying transit fees." The idea? Charge ships for passing through one of the world's most critical chokepoints.

A draft of the bill is already in the works, though it's not yet a full-fledged proposal. It's set to be submitted to the parliamentary research center next week, where legal experts will help refine it. After that, it'll move forward once parliament is back in session.