Tehran: Strait of Hormuz transit fees to be paid in Iranian Rial

Iranian Parliament Deputy Speaker Hamid Reza Haji Babaei announced on Sunday that transit fees for ships passing through the Strait of Hormuz will be paid in Iranian rials, in accordance with a law drafted by the Islamic Consultative Assembly and approved by around 250 lawmakers.

Babaei emphasized that the strait through which approximately 20% of the world’s oil and 35% of its gas pass is under Iran’s full control, stressing that it is “non-negotiable under any circumstances.”

He also noted that Iranian oil exports have exceeded 1.6 million barrels per day despite sanctions, stating that Iranian oil has become largely “immune” to external pressures.

In a related context, reports indicated that Tehran intends to regulate the passage of ships through the strait, amid escalating tensions with the United States, which has hinted at escalation options, including the imposition of a naval blockade.

Iran is reportedly planning to allow only 10 ships per day to pass through the Strait of Hormuz, with transit fees potentially reaching up to $2 million per tanker, according to The Wall Street Journal.