The two-week ceasefire plan between the US and Iran includes a provision allowing both Iran and Oman to levy transit fees on ships passing through the Strait of Hormuz, the narrow mouth of the Persian Gulf that facilitates roughly one-fifth of global oil trade.
The 34-km-wide strait lies within the territorial waters of both Oman and Iran and has been considered an international waterway, with no tolls levied by either country in the past.
Tehran officials, according to news agency AP, said Iran would use the funds for post-war reconstruction, as the conflict has caused widespread destruction to the country’s defence, administrative, and civilian infrastructure.
Both the US and Iran agreed to a ceasefire early Wednesday to end the 40-day conflict, with Tehran accepting to conditionally reopen the strategic waterway, which had effectively been closed since the war began on February 28. The closure, marked by attacks on vessels transiting the route, had sent global oil prices soaring.
Further discussions, including the future of the Strait of Hormuz and other aspects of a long-term peace, are likely to be taken up in negotiations between the US and Israel, set to begin in Islamabad on Friday.
