The global economy is facing uncertainty as Iran has effectively closed the Strait of Hormuz amid ongoing conflict with Israel and the United States. This strait is crucial for the passage of approximately one-fifth of the world's oil and gas. While some ships have managed to navigate the strait, they have done so under Iran's conditions, reportedly paying tolls for safe passage. The situation remains tense as the world awaits the reopening of this vital waterway.

According to Moneyweb, Iran's attempts to toll the Strait of Hormuz are unlikely to succeed, as the strait is not a canal and therefore cannot be effectively managed in that manner. Despite Iran's desire for additional income from this strategic waterway, the geographical nature of the Strait poses significant challenges to such an initiative.

The United Nations announced plans to evacuate sailors stranded in the Strait of Hormuz. US Secretary of State Marco Rubio cautioned Iran that it is not permissible for any country to impose fees on ships navigating through the strait, emphasizing the importance of free passage in international waters.

A Liberian oil tanker, the Stoic Warrior, successfully navigated the Strait of Hormuz on Thursday, despite threats to shipping from Iran's Revolutionary Guard. The tanker utilized a new route near Oman’s shore, which has been endorsed by a U.N. maritime agency. This incident occurs amid escalating tensions between Iran and other nations in the region.

According to Al Jazeera, Tehran has stated that the Strait of Hormuz 'will never return' to its prewar conditions and claims the right to charge fees for services in the area. In response, U.S. Senator Marco Rubio has asserted that Iran cannot impose tolls in the strait, highlighting ongoing tensions regarding control and access in this critical maritime passage.

Ship traffic in the Strait of Hormuz has increased following an interim deal between Iran and the U.S. aimed at ending a conflict that impacted global oil supplies. However, uncertainties regarding control of the waterway and potential tolls for vessels may complicate negotiations, according to AP.