A proposed two-week ceasefire agreement between the United States and Iran includes a plan allowing Iran and Oman to charge transit fees on ships passing through the Strait of Hormuz, a key global oil route, news agency AP reported.
The Strait of Hormuz is a 34 km wide waterway lying between Iran and Oman, playing an outsized role in the global economy, with roughly a fifth of the world’s oil supply passing through this route.
The ceasefire proposal aims to end a 40-day conflict that began on February 28, with Tehran conditionally agreeing to reopen the strait, which had remained effectively closed during the hostilities.
The proposed fee structure would vary depending on the type of ship, its cargo, and other prevailing conditions, according to Reuters.
Further discussions on the future of the Strait of Hormuz and other aspects of a long-term settlement are expected to take place in talks between the United States and Israel.
