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New Delhi: Tensions have once again risen over the Strait of Hormuz, one of the world’s most important sea routes. Amid tensions between Iran and the United States, Iran is now attempting to increase its control over the strait. According to a Reuters report, Iran is negotiating a deal with Oman.  

What is the whole matter?

The Strait of Hormuz is a narrow strait through which approximately 20% of the world’s oil passes. Therefore, any movement there shakes global markets. Reports claim that Iran and Oman are discussing imposing tolls on commercial ships passing through the Strait of Hormuz.

This will require ships to pass through Iranian waters on both sides. Iran wants to charge shipping fees. Iran’s Deputy Foreign Minister, Kazem Gharibabadi, told IRNA that ships will pass through Iranian territorial waters in both directions. He also said the US is ready to return to the terms of the MoU signed in June.  

How much tax will be charged and how much income

The biggest issue is funding. Iran is reportedly insisting on imposing a tariff of 5% to 7% of the value of the goods. Oman, on the other hand, has proposed 3%. No final decision has yet been made.  

But if a 7% tax is imposed, the figures will be staggering. It’s estimated that Iran could earn around $385 million daily. This would translate into annual revenues exceeding $100 billion.  

This amount is equivalent to the annual net income of many of the world’s largest tech and energy companies. Furthermore, this income will surpass the Suez Canal’s highest toll revenue ever.  

Impact on global trade

Reuters says this move could further escalate geopolitical tensions. If this happens, it could impact oil prices, insurance premiums, and shipping costs. Currently, there are no international tolls for transiting through the Strait of Hormuz.

But if Iran gains control, it will charge every commercial vessel. This deal could mark a new turning point in the ongoing tensions between Iran and the United States. Oman is acting as a mediator, but the deal has not yet been finalized. The world is now focused on what the next rules for the Strait of Hormuz will be.