Amidst the ongoing war in West Asia, a major dispute has come to light regarding the Strait of Hormuz. It is alleged that Iran is now charging fees from ships passing through this important sea route. This is the same route through which about one-fifth of the world’s oil and gas is supplied. This step has increased the possibility of impact on global trade and energy supply.
According to several media reports, some ships are demanding a fee of up to $2 million per trip. This recovery is not being done under any fixed rule, but in different cases. Some ships have also made this payment, although there is no clear information regarding the process and currency of payment. Because of this, confusion and concern has increased among shipping companies.
Is Iran really recovering?
According to sources, this recovery shows Iran’s influence, because Hormuz is the most important sea route in the world. The movement of ships had already reduced due to the war and now the demand for duty has made the situation more complicated. This is increasing pressure on the global supply chain.
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Does Iran want to formalize it?
Sources say that Iran may plan to make this fee official in the future. Recently an MP there had proposed that a fee should be charged from the countries that use this route. If this happens, it could prove to be a big change for global trade.
Countries like Saudi Arabia and UAE have expressed concern over such recovery. They say that this will affect their oil exports. Some countries are now trying to send oil through alternative pipelines. At present, there is uncertainty regarding Hormuz and it is becoming a big risk for the global economy.
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