On April 23 (local time), according to The Guardian, the second round of peace talks between the US and Iran began amid increasing tensions in the Strait of Hormuz - which transports most of the world's oil.
The focus of the negotiations is the future of this narrow sea route, after Iran was accused of controlling oil and gas transportation, causing energy prices to rise.
A noteworthy proposal from Iran is to charge a fee of up to 2 million USD for each oil tanker passing through the strait. This plan is called the "Tehran toll station" and raises concerns that oil prices may rise in the long term.
According to sources, in the 10-point peace plan, Iran and Oman want to be allowed to collect fees for ships passing through the strait. Iran said this money will be used for the reconstruction of the country.
Previously, Iran tested this model. Ships wishing to pass through must provide information about goods, destinations and owners, and pay a fee of at least 1 USD per barrel of oil. With a ship carrying about 2 million barrels, the cost can be up to 2 million USD per trip.
After being approved, the ship will be escorted by the Islamic Revolutionary Guard Corps through a route near the Iranian coast. Some ships from Asia have been allowed to pass, but it is not clear whether they will have to pay a fee or not.
However, this plan is controversial about its legality. The United Nations Convention on the Law of the Sea stipulates that ships have the right to pass through international straits without being obstructed. The US and many experts believe that Iran does not have control over this route.
US and Western sanctions against Iran also make it difficult for transport companies to pay fees to Iran.
In terms of costs, an increase of 1 USD per barrel of oil could cost the market about 7 billion USD each year. Although this figure is not too large compared to the scale of the global oil market, other costs such as insurance, shipping and security risks can all increase sharply.
In fact, oil prices have increased significantly after this strait was disrupted. Brent oil prices once increased from below 70 USD/barrel to nearly 120 USD, reaching nearly 150 USD at one point.
Experts believe that if this situation persists, oil prices could remain high for a long time. This will affect many economies around the world. With Tehran, toll collection could help improve the economy and increase revenue in the context of sanctions.
