Iran has begun charging tolls for passage through the Strait of Hormuz and will allow ships to transit if they pay, the Wall Street Journal reports.
The Wall Street Journal said Iran has formalized a tiered system in the Strait of Hormuz: vessels carrying Iranian oil or goods pass freely, ships from friendly countries pay about $1 million or more, and ships from unfriendly countries are blocked. The WSJ reported that under terms of a recent ceasefire, Iran will permit all ships to transit provided they pay higher tolls than the earlier $1 million level.
The Telegraph reported that if Iran's "tollbooth" policy with military escort persists it could generate roughly $500 billion and reshape maritime trade. Shipbrokers and analysts cited by the Wall Street Journal said tolls could rise to at least $2 million depending on final negotiations.
This report is based on information originally published by Jalopnik.
Read the full article at Jalopnik.
More automotive news: Latest car news