Iran imposes tolls on Strait of Hormuz, collects first revenues
Iran has confirmed collecting first revenues from new tolls on ships transiting the Strait of Hormuz, Deputy Speaker Hamidreza Hajibabaei disclosed Thursday. The revenues have been deposited into Iran's state central bank account. Hajibabaei warned that if the United States continues its current course, "no vessels will pass through the Strait of Hormuz," stating they're making demands, not engaging in negotiations. Parliament member Alireza Salimi confirmed the deposits, noting fees depend on ship cargo and risk level, with Iran determining collection rules. The Strait of Hormuz is a critical chokepoint for global oil trade, with about 20% of world's oil passing through it daily. These tolls represent Iran's latest move to assert control over this strategic waterway amid ongoing tensions with the US. How might this affect global oil prices and shipping costs for Nigerian businesses importing goods or exporting oil?