The United Nations’ International Maritime Organization (IMO) issued a warning on Thursday regarding the potential imposition of a toll on ships passing through the Strait of Hormuz, stating that such a move would 'set a dangerous precedent' [1]. This warning follows President Donald Trump's comments on Wednesday, suggesting the possibility of a U.S.-Iranian toll system for ships traversing the strategic waterway. Trump told ABC News, 'We’re thinking of doing it as a joint venture,' and described it as a method of securing the strait from various threats [1].
The Strait of Hormuz is a critical global energy corridor, carrying approximately 20 million barrels of oil daily and about one-fifth of the world's liquefied natural gas [1]. Greek Prime Minister Kyriakos Mitsotakis also voiced strong opposition to the reported Iranian plan to charge ships for passage, calling it 'completely unacceptable' and emphasizing that the international community would not accept Iran establishing a toll booth for every ship crossing the strait [1]. Mitsotakis further stated, 'This agreement cannot, I repeat, cannot include a sort of a fee that ships will have to pay every time they cross the strait,' highlighting that such fees were not in place before the conflict and should not be introduced after its resolution [1].
The Trump administration had reached a ceasefire deal with Iran on Tuesday, with Trump announcing that the United States would assist with managing traffic in the Strait of Hormuz and expressing optimism about positive developments and economic opportunities for Iran, including reconstruction efforts [1].
Market observers are closely monitoring global oil prices and shipping traffic due to the uncertainty surrounding the potential toll and its implications for energy supply and global trade. The Strait of Hormuz remains vital for global energy flows, and any changes to transit costs or accessibility could significantly impact energy markets [1].
CONCLUSION
The proposed toll for ships passing through the Strait of Hormuz has drawn strong warnings from the UN shipping agency and international leaders, citing risks to global trade and energy supply. With the US-Iran ceasefire in place, market participants are watching for further developments, as any changes to transit costs could have substantial effects on oil prices and shipping activity.