Source : INDIA TODAY NEWS
Iran will allow no more than 15 vessels a day to pass through the Strait of Hormuz, through which nearly 20 per cent of global oil trade flows, as part of a ceasefire agreement with the United States, Russia’s state-run TASS news agency reported on Thursday, citing an unnamed senior Iranian source.
The Strait of Hormuz, a narrow waterway just 34 km wide between Iran and Oman that connects the Gulf to the Indian Ocean, is critical not only for oil shipments but also for commodities such as fertilisers. Any disruption in this vital route raises significant concerns for global markets. Before the war, around 140 vessels transited the strait daily.
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Iran had largely shut down traffic through the strait since the United States and Israel launched a military campaign in late February, triggering a sharp spike in global oil prices and fuelling fears of supply shortages. Reopening the waterway was a key component of the ceasefire agreement both sides agreed to on Wednesday.
However, Tehran has made it clear that it will retain tight control over the passage. Under the terms outlined, vessels will be required to seek permission from Iran’s Revolutionary Guard Corps and pay a fee to transit the strait.
During the two-week ceasefire period, Iran is expected to charge USD 1 per oil barrel, reportedly payable in cryptocurrency, highlighting its intent to both exert influence over the chokepoint and recoup costs incurred during the recent US-Israeli strikes.
Uncertainty over the long-term regime governing the strait has also deepened after US President Donald Trump said Washington was considering a “joint venture” with Iran to levy transit fees, a move that could further reshape control over one of the world’s most critical energy corridors.
Within hours of the agreement to pause fighting, Iran halted the passage of oil tankers in response to Israeli strikes on Lebanon, underscoring the fragility of the arrangement.
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SOURCE :- TIMES OF INDIA
