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(Bloomberg) \u2014 The Iranian parliament is working on a draft bill that would impose a fee on vessels seeking safe passage through the Strait of Hormuz, according to the semi-official Fars news agency.<\/p>\n
Fars, citing an unnamed lawmaker, said the plan would be finalized next week, and would legally recognize Iran\u2019s oversight of Hormuz, a vital conduit which connects some of the world\u2019s largest oil and gas producers in the Persian Gulf with the wider world.<\/p>\n
The narrow waterway has been all but closed since US and Israeli strikes on Iran began almost a month ago, and has become a focal point of the war. Only a trickle of ships have made their way through in the intervening weeks as Iran tightens control, most of them with Iranian or Chinese connections and a handful that have secured safe passage from the Islamic Revolutionary Guard Corps.<\/p>\n
Tehran\u2019s legislation would formalize a unilateral arrangement already widely reported by the shipping industry, with payments of as much as $2 million being sought from vessels as an informal toll. Crews have been asked through intermediaries for staff, cargo and voyage details and in some cases for a fee, though efforts have not been systematic.<\/p>\n
A toll and promises of safe passage raise complicated questions for the shipping industry, eager to rescue crews and cargoes stuck in the Persian Gulf \u2014 but also reluctant to face sanctions and security risks. Freedom of navigation through vital stretches like this one is typically guaranteed by international law.<\/p>\n
\u201cUltimately, it\u2019s a question of whether you will trust Iran on this,\u201d said Amanda Bjorn, head of claims at marine insurance broker Cambiaso Risso Asia, speaking on the sidelines of a maritime conference in Singapore.<\/p>\n
\u201cIt\u2019ll contribute to hinder global trade, where we have \u2014 for the past hundred years or so \u2014 enjoyed freedom of navigation.\u201d<\/p>\n
The disruption of flows through Hormuz has resulted in forced shut-ins of Persian Gulf oil production, while refineries in the area have also been damaged in the war. Oil prices have surged as a result, with global benchmark Brent topping $114 a barrel earlier this week.<\/p>\n
\u2014With assistance from Weilun Soon.<\/p>\n
(Adds comment in paragraphs six and seven, background.)<\/p>\n
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