Iran floats ‘insurance fees’ and asserts control over Hormuz

Iran sought to assert control over the Strait of Hormuz by saying that ships need its permission and mandatory insurance in order to cross, even as the US said that 20 ships had quietly sailed through overnight via a route along Oman’s coast. 

The conflicting signals come as the shipping industry tries to assess whether it’s safe to transit the world’s most important energy chokepoint and what sort of system will emerge after the US and Tehran reached an interim peace deal to reopen the strait. The number of ships crossing with their signals on dropped Friday after an initial surge, and after a report of a mine spotted near Oman’s coast.

But for many shippers and oil producers, Iran’s warning that it reserves the right to charge “insurance fees” threatens to crystallize a worst-case scenario: tolls on the Strait of Hormuz. 

The insurance policy required by Iran is currently free, but could involve charges in the future, the country’s Persian Gulf Strait Authority said in a document on its website. It also said that ships must follow a prescribed route that passes........

© Fortune