Iran steps up claim to control Strait of Hormuz, reviving toll dispute
The commander of Iran's Islamic Revolutionary Guard Corps Navy reaffirmed Tehran's sovereignty over the Strait of Hormuz and said 35 vessels in the past 24 hours complied with Iranian-coordinated routing. The U.S. and allied maritime agencies disputed the statement.
Islamic Revolutionary Guard Corps Navy commander Rear Admiral Alireza Tangsiri reiterated in state media that Tehran holds 'historical and legal sovereignty rights' over the Strait of Hormuz and said 35 vessels in the past 24 hours complied with the navigation schedule coordinated by Iranian officials. The statement came in parallel with ongoing peace talks with Washington.
The spokesperson for the U.S. Fifth Fleet said the Strait of Hormuz falls within the 'international straits' category under the 1958 Geneva Convention and no state can unilaterally impose tolls on transit. The spokesperson of the UK Navy's MTO in Bahrain disputed the vessel count. According to Lloyds market reports, daily transit volume remained at normal levels, but insurance premiums rose 12%.
Kuwait Petroleum Corporation, Saudi Aramco and Adnoc said they had not changed their vessel routing programs. JPMorgan market analysts calculated that the toll claim has not been effectively implemented but revenue could be between $4-6 billion annually. Daily volatility in oil prices recorded an additional $1.20 swing.
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