A new update has come out regarding the Strait of Hormuz, which is considered the economic lifeline of the world. This time this update has not come from Iran but from Moscow. Where the ambassador of Iran is sitting. The Iranian ambassador in Moscow has revealed a big story. On Monday, Iran’s ambassador to Moscow was quoted as saying that the Strait of Hormuz will remain open, but under new conditions set by Iran and Oman, which will also include transit fees. The US-Israel war against Iran has stopped the movement of oil through this strait to a great extent. Before the conflict, one-fifth of the world’s oil passed through this route. Recently many tankers have managed to leave the Gulf, but the movement of oil and Liquefied Natural Gas (LNG) is still severely disrupted.
Iranian ambassador’s announcement
Ambassador Kazem Jalali said in an interview published in the Russian newspaper ‘Izvestia’ on Monday that of course, the strait will remain open, but with new conditions to be decided by the Iranian and Omani authorities. Without elaborating further, he said that we understand that Iran and Oman provide some services related to this strait. And fees will be charged for those services. Iran says that under a permanent peace agreement it should be allowed to collect fees from ships passing through the strait. This fee may vary depending on the type of ship, the cargo loaded in it and the prevailing conditions.
America’s opposition
US President Donald Trump strongly opposes this stance. In late May, the US warned Oman not to join any efforts to impose tolls in collaboration with Iran. Treasury Secretary Scott Besant had said that Oman’s ambassador had told him that there were no plans to impose such a toll. On Monday, Israel said it attacked military targets in western and central Iran, while Trump reportedly asked Israeli Prime Minister Benjamin Netanyahu not to carry out further attacks. Japan, which imported about 95 percent of its oil needs from the Middle East before the war, said it did not pay any fees after a Japanese-owned crude tanker passed through the waterway in May.
Increase in crude oil prices
On the other hand, due to Israel’s attack on Lebanon, there is a rise in the prices of crude oil. According to data, crude oil prices of American and Gulf countries are seeing an increase of more than four percent. The price of American crude oil is trading at $ 94.26 per barrel with an increase of 4.11 percent. Whereas the crude oil of Gulf countries is trading at $ 97.05 per barrel with an increase of 4.25 percent. If experts are to be believed, if similar situation persists in the coming days, crude oil prices will once again cross $100 per barrel.
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