Iran eyes new insurance fees for Strait of Hormuz transit
TL;DR Summary
Iran's new Persian Gulf Strait Authority says vessels passing through the Strait of Hormuz must carry a Tehran-approved insurance policy, with the policy to be provided free for 60 days under a memorandum with the US; after that period, Iran and Oman plan to set fees for services and safe passage, signaling Tehran's bid to assert control over the strait. The move raises questions about compliance with international law and the right to free passage, as shipping companies await final details and the IMO seeks security guarantees amid tensions and recent warnings from Tehran.
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