Kathmandu. Iran is trying to tighten its grip on one of the world’s most important oil shipping routes amid a ceasefire with the United States. Tehran plans to impose a $1 per barrel toll on oil tankers passing through the Strait of Hormuz. Most importantly, Iran wants to make this payment in cryptocurrency.
Iran’s move comes at a time when markets around the world are focused on this sea route. Although the ceasefire prevents direct conflict, Iran is reluctant to relinquish its hegemony along this crucial route.
According to a report in the Financial Times, Iran’s Oil and Gas Export Association will now “thoroughly inspect” every ship passing through the route. Any tankers will be allowed to proceed only after Iran has thoroughly searched its cargo.
Iranian officials argue that they want to ensure that this two-week ceasefire is not being used to transport weapons. Under the new plan, each tanker will first have to send a full account of its cargo via e-mail. The officials will then calculate the toll and provide a very short time frame for payment. Iran has made it clear that no matter how long it takes, Iran will not rush the ships.
The sea situation is currently very severe. According to reports, the ships are constantly being warned on the radio that any attempt to leave without permission or without paying a toll could result in an attack. As a result of the crackdown, about 400 ships are in line in the Gulf. The scene is like a parking lot. Where millions of barrels of oil are stuck. Major companies are panicked and unsure whether to move forward or stop.
Iran’s move has caused turmoil in the global oil market. Major shipping companies such as Maersk are now waiting for the situation to improve. Iran is now pressuring ships to move closer to its shores. This could increase the risk to Western ships. The issue has now become a major obstacle to the ongoing peace talks between the US and Iran.
US President Donald Trump has made his position clear. He says that any deal will be sustainable only if Iran keeps this route open completely and safely. ’
Meanwhile, neighboring countries such as Oman have criticized Iran’s “Toll” ideology. They argue that under international rules, no tax can be levied on this route. It remains to be seen whether Iran will stick to its stand under US pressure or retreat. –Agency
