Iran and Oman have reached a deal to reopen the Strait of Hormuz that would require ships to pay fees to transit the strategic waterway, through which one-fifth of the world’s oil normally passes. Eight shipping lobby groups, including the Asian Shipowners Association, the European Shipowners Association, and the International Chamber of Shipping, have written a joint protest letter arguing the fees would harm European and Asian customers. Iran’s foreign ministry spokesperson Esmaeil Baqaei confirmed the agreement is in its final stages and that geographic coordinates of the route have been agreed upon. Neither the White House nor Oman has commented on the deal.
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