Iran has reportedly started charging vessels $2 million to pass through the Strait of Hormuz, a move described as a new approach to control the narrow waterway.
Iranian parliament member Alaeddin Boroujerdi stated that the measure is already in place, reflecting a new 'sovereign regime' in the Strait of Hormuz after decades.
The move comes amid global turmoil over the world's biggest oil chokepoints, with the US and Iran exchanging threats over the strait.
US President Donald Trump had issued a warning to Iran, seeking the reopening of the strait, while Iran's president, Masoud Pezeshkian, warned that the country would target 'all energy, information technology, and desalination infrastructure belonging to the US and the Israeli regime in the region' if attacked.
Oil prices moved little on Monday, with Brent crude futures falling one per cent to $112.18 per barrel, amid the ongoing situation in the Middle East.
