Iran Negotiates Hormuz Transit, Imposes Tolls

Since February 28, Iran has largely blocked shipping through the Strait of Hormuz due to its war with the United States and Israel, significantly impacting global oil and liquefied natural gas shipments. A fragile ceasefire has been in place since April 8. Iran has gained leverage by imposing tolls on the waterway and has allowed passage for ships from countries like China, Japan, and Pakistan after they agreed to Iran's strait management protocols. The United States has responded with a naval blockade on Iranian ports and a 'freedom project' to guide stranded commercial ships. On May 16, Iranian state television reported that European countries are now in talks with the Islamic Revolutionary Guard Corps navy for transit permission. Ebrahim Azizi, head of the Iranian parliament's national security commission, announced that Iran has prepared a new professional mechanism to manage traffic through the Strait of Hormuz, which will be unveiled soon, and will only benefit commercial vessels and parties cooperating with Iran, with necessary fees collected for specialized services. This route will remain closed to the US 'freedom project' operators.