Iran and Oman said they’ll begin work on finding an agreement over the future administration of the Strait of Hormuz, including the cost of managing transit, as traders and shipowners fret over the prospect of the introduction of a tolling arrangement.
The two nations — which border the narrow opening to the Persian Gulf — will begin discussions on the services relating to navigation, including “costs associated with them in accordance with international standards,” according to a joint statement. They added that both countries are committed to keeping Hormuz secure and open for international navigation.
Iran has been seeking to assert control over Hormuz since it reached an interim peace deal with the US earlier this month. Last week it said that ships need its permission to cross the waterway and would require a mandatory insurance policy to do so. That policy is free for now, but could potentially pave the way for fees down the line.
US allies led by the UK are desperately pushing the Trump administration to not accept or normalize Iran’s attempts to try to introduce fees to pass the strait, a senior official said at the time. The industry has warned tolls would break with international maritime law and set a dangerous precedent that could be mirrored in other waterways.
Photograph: Ships anchored in the Strait of Hormuz near Larak Island, Iran on May 16, 2026; photo credit: Majid Saeedi/Getty Images Europe
Copyright 2026 Bloomberg.
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