Iran is considering implementing transit fees for countries using the Strait of Hormuz for maritime transport following a blockade in retaliation for U.S. and Israeli attacks.
The Strait of Hormuz, a critical waterway for the maritime export of oil, has been blocked by Iran in response to attacks from the U.S. and Israel that began on February 28. Under normal circumstances, about 20% of global oil exports by sea and 30% of gas exports transit through these waters. As a result of the blockade, there has been a significant spike in oil prices on global markets, which are now approximately 50% higher than before the onset of conflict. On March 19, the price per barrel of oil reached $116. Iran has warned that prices could rise to $200 per barrel if the situation continues.
