US warns shipping firms over Iran tolls

The United States has issued a warning to shipping companies, stating they could face sanctions for making payments to Iran for safe passage through the Strait of Hormuz. This alert, from the United States — Office of Foreign Assets Control, intensifies the standoff between the United States and Iran over control of the critical waterway, through which a fifth of the world's oil and natural gas typically passes. Iran had previously closed the Strait of Hormuz by attacking ships after the United States and Israel launched a war on February 28, later attempting to charge tolls for passage. In response, the United States imposed a naval blockade on Iranian ports on April 13, preventing Iranian tankers from leaving and depriving Iran of oil revenue. United States President Donald Trump has rejected Iran's latest peace proposal, expressing dissatisfaction with its terms. The conflict has led to a shaky three-week ceasefire, but negotiations continue amidst accusations of violations. The United States — United States Department of the Treasury also announced sanctions on three Iranian foreign currency exchange houses, further targeting Iran's financial sectors. The ongoing instability has driven up global fuel prices and shipping costs, affecting various industries and humanitarian aid operations.