Source: Oleoscope (Russia)
Iran Strait of Hormuz tariffs are under discussion. Specifically, Iran’s Majlis is discussing a bill. Moreover, the unicameral parliament would impose duties on countries using the Strait of Hormuz, TASS reported, citing Iran’s state broadcaster.
“We are promoting a bill that would require countries using the Strait of Hormuz as a safe route for shipping, energy transportation, and food security to pay duties and taxes to the Islamic Republic of Iran,” Majlis member Somayeh Rafiei said live on air.
Iran Strait of Hormuz Tariffs: Regional Impact
Three weeks have passed since the strait closed. Furthermore, the ban on merchant shipping is causing significant losses for Iraq, Kuwait, Saudi Arabia, and the UAE. Additionally, these countries are restructuring their supply chains. Moreover, they are lengthening them to bypass Africa along its western coast. Meanwhile, Qatar, the world’s second-largest LNG exporter (accounting for 20% of global supplies), has also partially suspended oil shipments.
Global Supply Chain Disruptions
Previous reports indicated that the Strait closure during the conflict has disrupted supply. Moreover, this affects global fertilizers, grain, oil, and crude oil. Furthermore, prices for all these commodities are reaching multi-month highs. Additionally, experts are warning of significant risks of reduced harvests of rice, wheat, and other staple crops, leading to rising food prices.