Iran Plans to Implement Tolls for Safe Passage Through Hormuz Strait

Iran's parliament is drafting a law to impose tolls on vessels passing through the Strait of Hormuz, a vital waterway connecting oil and gas producers in the Persian Gulf to the wider world. The move would formalize a unilateral arrangement already in place, with payments of up to $2 million sought from vessels. The shipping industry is wary of the move, citing security risks and the potential for sanctions.