Iran Names 5 “Friendly” Nations Granted Safe Passage Through Strait of Hormuz

Global Impact and Market Reaction

The Strait of Hormuz handles approximately 20% of the world’s total oil and LNG consumption. The partial blockade has already led to:

• Energy Price Surges: Brent crude prices have seen sharp fluctuations, climbing toward $104 a barrel.

• Supply Chain Disruptions: Global leaders, including UN Secretary-General António Guterres, have called for the full reopening of the strait to prevent a humanitarian and economic crisis.

• New Toll Proposals: Reports indicate that Iran’s parliament is drafting legislation to charge a “security fee” or transit toll for vessels using the corridor.

Looking Ahead

The inclusion of countries like India—which traditionally maintains a balanced diplomatic stance—has surprised some analysts. It highlights the success of New Delhi’s recent diplomatic outreach to Tehran. However, for the rest of the world, the “selective” nature of the Strait of Hormuz remains a major point of contention in international shipping law.