March 31, New Delhi – The Iranian parliamentary commission has approved plans to impose tolls on vessels transiting the Strait of Hormuz.
According to state media, the proposal includes financial arrangements in local currency, cooperation with Oman, and also includes the "prohibition of Americans and the Zionist regime from passing through", as well as a ban on other countries imposing sanctions on Iran.
The Strait of Hormuz is one of the world’s most critical maritime routes, carrying nearly a fifth of global crude oil and liquefied natural gas in peacetime. However, since the West Asia war erupted, crossings have dropped by 95 percent.
This sharp decline has rattled global energy markets, highlighting how vulnerable the world economy becomes when narrow sea passages face disruption. Governments and businesses alike are grappling with the fallout of reduced oil and gas flows.
Before the conflict, nearly 20 million barrels of crude and fuel passed through the strait daily. Now, with the waterway effectively closed, the crisis underscores the immense risks tied to geopolitical tensions in vital trade arteries.