Iran to Charge Ships in Strait of Hormuz After 60-Day Fee-Free Period Ends

The Iran war exposed the dangers of relying on a single chokepoint for vital oil and gas exports, leaving Gulf governments with a clear strategic imperative: diversify – at all costs.

Oil prices initially dipped below $80 per barrel on news that the U.S. and Iran had agreed on a deal to end their war, as traders looked to the supply of oil, LNG and other goods being restored after nearly four months of war caused a maritime traffic jam of ships unable or unwilling to transit the Strait.

Just hours after reports of a breakthrough understanding between the United States and Iran, fresh uncertainty has emerged over the future of the strategically vital Strait of Hormuz.

Three Saudi Arabian-flagged supertankers reportedly transited the Strait of Hormuz after the U.S. and Iran signed a deal that will reopen the waterway.