The U.S. Iran Blockade includes over 10,000 military personnel and ships, aircraft

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• Bousso: Iran's 'tollbooth' at Hormuz will hard-wire higher energy costs

  For now, the war that shut down the Strait of Hormuz is over. Tehran's insistence on acting as the toll booth keeper for the world's critical?oil artery could make energy markets more vulnerable and lead to higher prices. According to U.S. president Donald Trump, the U.S., Iran and Pakistan agreed to a ceasefire on Tuesday, which was mediated by Pakistan. Tehran must halt its blockade against oil and gas through the Strait. According to an Iranian official, the waterway through which a fifth or more of the world's gas and oil flowed prior to the U.S./Israeli war against Iran, it could reopen by Friday, but in a?limited?fashion, under Iranian control. Tehran also said on Tuesday that it would charge ships passing through the strait a fee under a permanent deal. The strait is only 34 km wide (21 miles) at its narrowest part between Iran and Oman. Some media reports suggest that Oman is strongly opposing any such toll system under the existing agreements. Others claim that a similar toll system already exists. In an interview with ABC News, Trump stated that the U.S. also considered setting up a joint-venture to charge ships tolls to access Hormuz. It is unclear how such a plan would work in reality. Iran could have the upper hand. The conflict has shown?Tehran’s ability to use drones, sea mines and missiles to attack dozens of vessels - giving it powerful leverage without a formal ban. A toll system in Iran would violate one of the most fundamental principles of international law, freedom of navigation. Under this principle, ships may navigate international waters free of interference by coastal states. The United States has always positioned itself as a global guarantor, enforcing that principle through diplomatic pressure and naval patrols. Washington would be forced to make a major strategic shift if it allowed Iran to control the Hormuz Strait. This would also represent a shock to the Middle East's oil and gas industry, which is the lifeblood of many countries, including Saudi Arabia, United Arab Emirates, and Qatar. This would create a layer of permanent political risk, both for Gulf producers and customers. Tehran would have disproportionate control over which ships could transit at what time. Iran could, for instance, outright ban Israeli-owned vessels, slow Saudi shipments in order to exert pressure on Riyadh or use delays as a leverage in unrelated disputes. They would not want Tehran to have such a strong grip on their main trade route. The implications for Asian buyers would be serious. China, Japan South Korea and India are heavily dependent on Gulf supply. Even modest and unpredictable disruptions could have a significant impact on refining margins and spot prices for liquefied gas and inflation expectations. It is unclear how much damage will be caused by the transit of vessels from Iran to friendly nations like China, India, Iraq, and Pakistan. HIGHER COSTS The toll could be significant financially. According to reports, the toll could cost as much as $2 million for each transit. This is roughly equivalent to the total cost to charter a large crude carrier to travel from the Middle East all the way to China in 2025. In addition to the death toll, increased security risks will increase insurance premiums for LNG carriers and tankers entering the Gulf. This will further drive up transportation costs. The war-risk premiums, which were volatile even before the conflict, will likely continue to be a structural feature of the market. Some ships could try to follow the coastline of Oman while transiting Hormuz. This would reduce the overall traffic volume and still expose ships to Iranian missiles, drones, and fast-attack craft. ALTERNATIVE ROUTES OF EXPORT These risks, combined with the uncertainty surrounding relations with Iran, will likely lead Saudi Arabia and UAE to continue using alternative oil export routes that were used during the war for many months, if they are not years. Saudi Aramco, the state oil giant, began pumping large quantities of crude through its East West pipeline to the Red Sea Port of Yanbu soon after the outbreak of war on February 28. This was done in accordance with contingency plans that were developed specifically for such a situation. The pipeline can transport 7 million barrels a day. Of this, 5 million barrels a day are exported, and the remainder is used to feed domestic refineries. According to Kpler, Saudi Arabia exported an average of 3.3 million barrels per day from its west coast ports in March. This is nearly half of the volume it will export by 2025. Even these alternatives have proven to be vulnerable. An industry source said that the East-West pipeline had been hit by an Iranian attack just hours after ceasefire announcement. Flows were expected to be affected. The UAE also diverted additional volumes via its pipeline to Fujairah's oil terminal outside of the Gulf. Kpler reports that exports from Fujairah increased to 1.6m bpd from averaging 1.1m bpd since 2025. These routes are essential for producers and buyers to hedge against the Hormuz threat, but they do not offer a full solution due to their limited capacity and vulnerability to regional tensions. The mere possibility of Iranian oversight is already changing risk perceptions, even if the full toll system never materializes. Iranian control of the Strait would give Tehran disproportionate power in the region's economic lifeline. Saudi Arabia and allies will resist this, whether diplomatically or not. Although the ceasefire is holding, for Gulf oil exporters and their allies, the battle for Hormuz has just begun. Ron Bousso is a columnist at. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.

• Gulf markets react positively to the US-Iran ceasefire

  The Gulf stock markets rose on Wednesday, in line with global equities, after U.S. president Donald Trump announced on Tuesday a?ceasefire? with Iran for two weeks. In Asia, the Nikkei gained about 5.4%, while South Korea's KOSPI gained about 6.8%. This triggered a brief halt in trading. MSCI's broadest?index of?Asia-Pacific stocks outside Japan rose 1%. Trump said that the deal at the last minute was contingent on Iran agreeing to stop its blockade of oil, gas and natural gas through the Strait of Hormuz. This area handled before the war about one-fifth of all global oil and LNG shipments. Abbas Araqchi, the Iranian Foreign Minister, said that Tehran would stop counter-attacks if it ceased to be attacked and allow safe passage through the waterway. Shehbaz sharif, the Pakistani prime minister, said that he invited Iranian and U.S. delegates to meet at Islamabad this Friday. Dubai's main stock market soared by as much as 8,5% intraday, its biggest gain in over a decade. The real estate and finance sectors performed best. At 0730 GMT, the Dubai Index was trading 6.4% higher. This was due to a 9.8% increase in blue-chip developer Emaar Properties as well as an 11.3% increase in top lender Emirates NBD Bank. Abu Dhabi's benchmark index rose as high as 4.9% during early trading, the biggest increase in six years. Gains in the energy, financial, and real estate sectors were a major factor. First Abu Dhabi Bank and Aldar Properties, the real estate giant, both jumped 8.8%. Adnoc Gas, a company that produces energy, gained 3.8% while Abu Dhabi Ports Company grew by 9.8%. Investors are advised to remain cautious as it is difficult to predict the U.S. president's policies. Although the markets have responded positively to the announcement, the fundamentals for the UAE equity market are still strong, according to Tariq Qaqish. He added that higher risk levels are increasing the discount rates used to value capital markets. This may lead to pressure on valuations. Qaqish stated that he expects the UAE government will continue to support the economy. The index in Qatar jumped by 3.4% as all of its components advanced, with energy shares leading the way. Qatar Gas Transport, the largest gainer amongst all companies, soared by 8% and Industries Qatar, a petrochemical company, jumped 6.2%. Qatar National Bank - the largest lender in the Gulf - grew 3.7%. Saudi Arabia's benchmark index rose 1.4% on Monday, boosted by gains in energy and banking stocks. Saudi Aramco, the world's largest oil company, gained 2.1% while Al Rajhi Bank, its largest lender added 2.4%. Brent futures fell 13.3%, to $94.78 per barrel at 0727 GMT.

• Russia claims that Ukraine has damaged the CPC terminal at the Black Sea using drones

  Russia?on Sunday said that Ukrainian?drones?attacked the Caspian?Pipeline?Consortium’s Black?Sea Terminal, which handles 1,5% of the global oil supply. The drones damaged the single point mooring, loading infrastructure, and four large storage tanks. This strike may be the largest ever on Russia's Black Sea Export Facilities during the four-year war with Ukraine. Ukraine has intensified its attacks on Russia’s energy infrastructure in the past month. Ukraine failed to respond to a comment request immediately and could not independently verify the statement of the Russian Defence Ministry. CPC declined comment. The Russian defence ministry claimed that Ukraine attacked CPC's loading facility with drones. Chevron, Exxon Mobil and Chevron are shareholders of the?CPC Yuzhnaya Ozereevka Terminal. The defence ministry stated that "the Kyiv regime deliberately attacked the facilities of the international oil transport company Caspian Pipeline Consortium to inflict maximum damage on its biggest shareholders - energy firms from the United States, and Kazakhstan." CPC Terminal, located south-west of Novorossiysk handles 80% Kazakhstan crude exports. RUSSIA'S SHESKHARIS TRADING TERMINAL WAS ALSO ASSAULTED Separately two industry sources reported that an overnight fire broke out at the Sheskharis Oil Terminal, located about 15 km (9 miles) away from the CPC Terminal. The sources claim that the fire engulfed the main pier for?Russia's oil pipe monopoly Transneft, near berths 1a and 2 According to sources, berth 1 can service tankers up to a deadweight limit of 250,000 tons. Berth 2 is capable of loading tankers up to 90,000. It was not immediately apparent what impact the incident would have on loading operations. Transneft didn't?respond to a comment request. Sheskharis typically loads between 600,000.00 and 700,000.00 barrels of crude oil per day. According to industry sources, it exported 19,8 million tons worth of oil products last year. Reporting by Guy Faulconbridge; Editing by Kirsten Donovan and Guy Faulconbridge

• The Iranian war has a major impact on the IEA's global outlook for oil markets

  The International Energy Agency has drastically cut their 'forecasts' for the growth of global oil supply and demand. Both are expected to drop from levels in 2025 as wars in the Middle East disrupt oil flows and weigh on a global economy. The IEA has revised its projections for global 'oil demand' to a decline of 80,000 barrels a day by?2026. This is compared to a projected increase year-on-year of 640,000 bpd iin the previous monthly report. The IEA stated that "demand destruction" will continue to spread as long as scarcity and high prices continue. It added that the Middle East and Asia-Pacific have seen the biggest reductions in oil consumption so far. The Paris-based watchdog predicts that global oil supplies will fall by 1.5 millions?bpd in this year. This is a dramatic drop from the?1.1million?bpd increase projected last month. The IEA reported that the 'largest oil supply disruption in history' was caused by attacks on energy infrastructures in the 'Middle East' and Iran effectively closing the Strait of Hormuz. In March, 10.1 million bpd of oil production were lost.

• The commodities supercycle has arrived. How can investors get involved? : Taosha Wang

  Commodities supercycles have the power to reshape market trends for many years, even decades. We appear to be back in one, as the Iran War has amplified a number of long-term bullish tendencies. Many investors are now asking how to engage in the supercycle, rather than whether they should. Oil recorded its biggest monthly gain ever following the U.S. and Israeli strike on Iran in February. Add to that the substantial gains in copper and gold since mid-2025, and the race to find energy, metals, and minerals to fuel the artificial-intelligence arms race. A commodities supercycle is underway. Commodities supercycles are long, powerful waves that are driven by major structural changes. Think of the oil booms of 1970s or the urbanisation boom of China in the early 2000s. How can investors participate? Commodities tend to be treated as one asset class. However, a bullish market does not always occur in the same way across all of them. Leadership tends to change. Rotation within an asset class is as important as the overall direction. As an example, while a geopolitical event may immediately lift the oil price, copper and gold prices may fall or even lag as investors reduce their crowded positions, or reassess risks to growth. In 2022, energy prices spiked following Russia's invasion in Ukraine. Meanwhile, some industrial metals fell as concerns about recession grew. We're seeing such divergence again today. After the Iran War began, oil prices soared by 64% as energy supplies were squeezed. This acted as a hedge for portfolios against volatility in equity markets. Gold fell by 12% in March, its worst month since 2008. This was largely due to the fact that it had been inflated for months by heavy speculative purchases and was among the few liquid assets that investors could sell when margin calls were made. What are the most important things that investors need to keep in mind when they're considering riding the latest commodity waves? Small Pool, Big Waves Investors should first remember that even small changes in the allocation of commodities can have a "massive" impact on prices. Commodities play a huge role in the real economy but are not as important for investors as stocks and bonds. Energy and materials account for less than 6% of S&P 500 compared to more than 30% in the case of the "Magnificent 7" tech giants. The price is determined by the margin. Even if a small amount of capital is moved from broad equities and bonds to commodities, whether via physical exposure or listed options, the price impact could be significant. A small market will only absorb so much new capital before prices adjust. Another key issue is interconnectedness: the movement of one commodity can change the outlook for other commodities. Many commodities are interconnected through the potential substitution of demand or as raw materials. High natural gas prices, for example, can increase oil consumption. Increasing energy costs affect the price of food, fuel and fertiliser. In some industrial applications, copper and aluminium are interchangeable. Inventories are another factor to consider. While firms may value cost-efficiency in a situation where supply is not constrained, geopolitical events can lead to a shift towards higher inventories. Iran is a good example. The ability of Tehran to block the Strait of Hormuz, which is a choke point for energy and other goods, has highlighted how vulnerable these products are. In the future, both governments and businesses will likely place a higher priority on the security of supply for many goods. This will lead to a greater stock of strategic materials. This could lead to a structural premium for the entire complex. STOCKS OR BARRELS? Next, you will need to decide whether or not you want to own the commodities themselves or related equities. Commodity-related stocks are affected by many factors. These include the hedging policies of each company, their capital allocation decisions and pipelines of projects, as well as their position within the commodity value chain. Take the energy industry. Consider the energy industry. Not all producers upstream benefit in the same way, of course. The U.S. has not suffered any direct damage during the current conflict. Due to their different geological profiles and production techniques, these producers have greater flexibility in adjusting the rate of production. Many U.S. companies were also well-adapted to the price regime that existed before the Iran war, which was roughly $70 a barrel. This allowed them to generate a healthy cash flow. The windfall at current prices could be significant. Energy companies, no matter where in the world they are located, also have their own unique?risks relating to management, debt, long-term strategy concerns, and other issues. These issues do not need to be considered when investing directly in commodities. Positive Convexity Investors should also not overlook the positive convexity of commodity return profiles. The price upside is usually much greater than the downside. The physical nature of commodities and their direct link to the productive activities necessary to keep an economy humming are at the root of this. Investors can short sell or delay the purchase of financial assets when they rise in price. It is rare that the same logic applies to tangible commodities where it's difficult to delay or reduce consumption quickly. Prices may increase and eventually cause demand destruction, but not quickly enough to avoid a sudden squeeze. This asymmetry can be one of the reasons commodity cycles can become more powerful than investors expected once they have taken hold. Understanding this can make the difference between being in a good position for a commodity cycle or being run over by one. The views expressed are the author's. Taosha is the portfolio manager at Fidelity and creator of "Thematically thinking" newsletter. This column is a favorite of yours? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.

• Minister: TPAO will begin buying shares in foreign firms.

  Alparslan bayraktar, the Energy Minister of Turkey, said that TPAO, Turkey's upstream oil and 'gas company will'start acquiring shares' in foreign companies as part 'of Ankara’s 'plans 'to develop international partnerships 'to boost its energy exploration. TotalEnergies, a French oil company, announced earlier that it had signed a preliminary agreement to explore 'Turkey’s Black Sea waters in search of hydrocarbons. This is the 'fifth such accord signed by Turkish firms with oil majors this year. "We will soon turn a new page, too." Bayraktar did not elaborate on the fact that TPAO will be entering a new field by purchasing shares in companies overseas. He said that the agreement between TotalEnergies and Ankara would allow both companies to carry out exploration in Angola. Ankara also aims to expand its operations in Libya, Pakistan in the upcoming months. Turkey is pushing to develop its own resources through international partnerships. One of these partnerships includes a partnership with Exxon. This will boost the security of supply and help Turkey become a regional supplier. Reporting by Tuvan Gumrukcu and Can Sezer, Editing by Chizu Namiyama

• US military will enforce blockade on Gulf of Oman and Arabian Sea. Note to seafarers

  U.S. Central Command in a 'note to seafarers' seen on Monday said that the U.S. military will enforce a 'blockade of all vessels in the Gulf of Oman and the Arabian Sea east of the Strait of Hormuz. The note stated that the blockade will come into effect at 1400 GMT Monday. The note stated that "any vessel entering or leaving the 'blockaded area' without authorization will be subject to interception, diversion and capture." The blockade won't impede transit neutral traffic through the Strait of Hormuz from or to non-Iranian locations. The note stated that the blockade would "encompasses?the entire?Iranian coastline, including but not limited ports and oil terminals", adding that humanitarian shipments, such as food, med-supplies, and other essential items, would be allowed, subject to inspection. After weekend talks failed to produce a 'deal' to end the war, a ceasefire is now in danger. (Reporting and editing by Jason Neely/Keith Weir, Arathy Saul)

• Bousso: Iran's Hormuz bet ushers in an edgy new normal for Gulf oil.

  The Iran War and the closing of the Strait of Hormuz has shattered the status quo among Middle East oil producers that had existed for decades. Even if the current, fragile ceasefire lasts, the uneasy, "new normal" will likely lead to another round of conflict. Tehran has now "demonstrated its ability and its willingness to strike critical infrastructure in the region and seal off the crucial waterway, changing the risk calculation for its neighbors and jeopardizing the long-term oil and gas strategies of Gulf countries. The six-week conflict exposed deep tensions among?the Islamic Republic's key regional neighbors Saudi Arabia, the United Arab Emirates (UAE), Qatar, Bahrain, and Iraq,?all close U.S. ally. The United States and its allies had avoided direct confrontations with Tehran for years, largely because they believed that a war would be devastating to their economic interests. This entente cordiale is now shattered. The Strait of Hormuz is at the core of the crisis. Iran shut down the waterway, the first time ever in history. This trapped nearly a fifth the world's supply of oil and gas inside the Gulf. It was a massive shock for the region and global economy. Even if the shipping eventually resumes, this unprecedented act marks an historic rupture. Iran has indicated that it would like to maintain control over the Strait in any future peace agreement. It has floated the idea of charging vessels a fee for transit and controlling traffic. U.S. president Donald Trump has urged Tehran fully to reopen this waterway and said on Sunday that the U.S. Navy will immediately begin blocking the strait. This is a major step after marathon talks failed to bring an end to the war. Even a formal reopening wouldn't erase the lessons the war taught Iran's neighbors. The threat of Iran closing strait, which has been proven to be feasible with minimal military effort, is a genie who cannot be re-opened. No Way Out The war has exposed the vulnerability of the energy infrastructure in this region. The fighting between the U.S. and Israel, and Iran, quickly spilled over borders, as Iranian drones and missiles attacked dozens of targets across neighbouring countries. These included major oil and gas installations across the Gulf. Refineries, export terminals, and other critical installations were severely damaged. Around 11 million barrels of oil per day and Qatar's total LNG production were shut down. Saudi Arabia is the world's biggest crude?exporter, and the de facto leader of OPEC. The implications for Saudi Arabia are particularly troubling. Even the alternative route that it painstakingly developed to bypass Hormuz in recent years proved vulnerable. Within hours of the U.S.-Iran truce announcement, the East-West Pipeline of the Kingdom, which was designed to divert approximately 7 million barrels of oil per day?from eastern oil heartland into the Red Sea Port of?Yanbu?, was struck. Saudi Arabia, who exported 8 million barrels per day of oil prior to the war, reported that the attacks reduced its oil production by 600,000 barrels per day and the throughput along the East-West Pipeline was reduced by 700,000 barrels per day. The UAE's oil pipeline that exports to Fujairah (which is outside the strait) was also repeatedly struck. For Qatar and Kuwait the strait is still the only export route. This situation may look like a win for Tehran but the Gulf will likely see it as a status quo which is intolerable and must be changed. BLOWN UP STRATEGIES This new reality is a threat to the Gulf's economy, both today and tomorrow. Even if energy prices are higher due to the geopolitical risks, the region will face years of reconstruction. The threat to the long-term is greater. The war has forced many countries, particularly those in Asia, to reassess their dependence on energy imports. This is a bad thing for the Gulf. Producers were already under pressure to maximize exports as demand could be decreasing due to the shift of major importers away from fossil fuels. Conflict will only intensify. Uncertainty over Hormuz, both geopolitically and economically, is unsustainable for?Gulf Producers who expect to receive uninterrupted oil, liquefied gas, refined products including chemicals, fertilizer, and refined products to finance their economies in the coming decades. Saudi Arabia and the UAE, two regional powerhouses with international geopolitical and economic ambitions, are unlikely to accept a strategic reality that would limit their long-term goals. This, in turn indicates a higher risk of a future confrontation. "The Strait must remain open, fully, unconditionally, and without restrictions. It is essential for global economic stability and energy security. It is unacceptable to weaponize this important waterway in any way. Sultan Al Jaber said that last week. He was the CEO of UAE's state oil giant ADNOC. No Going Back It doesn't matter what "permanent peace" deal the parties agree on, but that they have broken a longstanding taboo by attacking the Gulf's vital economic infrastructure. This shift in power alone will make the Middle East more volatile for many years. Investors believe that the Middle East is soon going to return to normal business. They are almost certainly wrong. It is unlikely that the old order will be restored, but rather a new normal in which Gulf countries seek to prevent Iran from ever again using the Hormuz trump. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.

• Saudi Arabia restores capacity to the East-West oil pipeline at 7 million barrels per day after the attacks

  Saudi Arabia said that it had restored the full capacity of the East-West oil pipeline to about seven million barrels per day. This was after assessing the damage caused by the attacks on the energy sector during the Iran conflict. According to the ministry, the energy facilities and pipelines that were damaged during the conflict are now operational again. Saudi Arabia did not say who was behind the attack, but it has intercepted Iranian missiles and drones many times in recent weeks. The strikes also disrupted key oil, gas and refining sites, as well as petrochemical, electricity and petrochemical sites, in Riyadh and the Eastern Province. RESTORE OUTPUT TO CONTINUE SUPPLY Saudi Arabia said that the attacks on Thursday had reduced its oil production by approximately 600,000 barrels a day, and its East-West Pipeline throughput by about 700,000. Saudi Arabia has only one crude export route, the East-West Pipeline, due to the closure of Strait of Hormuz. Reports on Wednesday claimed that Iran had attacked the 'pipeline just hours following the ceasefire. The ministry said it had'recovered affected volumes' from the Manifa field, where production had been reduced previously by approximately?300,000. The ministry said that work was underway to restore the full output at the Khurais plant after attacks on it reduced Saudi Arabia's capacity by a further?300,000 bpd. The company said that a quick recovery would improve the "reliability and consistency of supplies for local and global markets." Reporting by Menna Alaa Al-Din, Muhammad Al Gebaly and Bernadette B. Baum

• Airports warn that Europe could be facing a jet fuel shortage within weeks

  The European airport industry has warned of a possible systemic shortage of jet fuel in just three weeks, if the Strait of Hormuz does not open up. They have called for urgent EU-wide actions to secure supplies ahead the summer peak travel season. Airports Council International Europe, in a letter dated April 9 to the European Commission (ACI), said that a fuel shortage would "significantly hurt the European economy" and compound the macroeconomic effects of the rising oil prices caused by the Middle East conflict. Financial Times was the first publication to cover this letter. The Commission didn't immediately respond to an?ask for comment. According to ACI's study, data from up until 2019 shows that air connectivity is responsible for 851 billion euro ($997.03billion) of gross domestic product in Europe. Airports also handle 26% of Europe’s exports. ACI's Olivier Jankovec, the director general of ACI, wrote in a letter that despite a meeting held by the European Commission oil coordination group last week, there is currently no EU-wide mapping or assessment of jet fuel availability and production. The Commission was asked to map jet fuel availability and demand, to identify alternative sources of import, to assess the threats to intra-EU fuel flow, and to evaluate commercial and strategic reserve levels. In recent weeks, jet fuel prices have doubled from $150 to $200 a barrel. This is a major financial blow to an industry where fuel can account for as much as a quarter or more of its operating costs. The letter also called for a series of immediate policies interventions, such as the lifting of temporary import restrictions on jet-fuel, specifically those imposed by the new EU methane regulation that will be in force from January 2027. Jankovec said that the rules have already discouraged third-country sellers of fuel from signing contracts this summer. The group also suggested that the EU purchase 'jet fuel collectively and impose refinery obligations on specific refineries to safeguard production. It also recommended including airports, airlines, and ground handlers as recipients of state aids.

• UN ship agency: A toll on the use of Hormuz is a "dangerous precedent"

  The UN shipping agency warned that imposing a toll on ships passing through the Strait of Hormuz would "set a dangerous precedent" and countries should not hinder freedom of navigation. Iranian officials have suggested?charging for the use of the Strait? after a two-week truce was reached between the United States and Tehran this week. There is no international agreement that allows tolls for crossing international straits. A spokesperson for the UN's International Maritime Organization stated that any such toll would set a dangerous precedent. The IMO countries have adopted the UN Convention on the Law of the Seas (UNCLOS), which defines the 'rules' that govern the straits used to conduct international navigation. According to UNCLOS ships have the right of transit through international straits. The spokesperson for the IMO said that states bordering straits must not impede or suspend this 'right'. (Reporting and editing by Barbara Lewis; Jonathan Saul)

• Iran warns of a near-standstill in Hormuz as ships are warned to stay within its waters

  The Islamic Revolutionary Guard Corps of Iran (IRGC) has warned ships not to cross the Strait of Hormuz through Iranian territorial waters, as Thursday's traffic was well below normal levels. Mitsui O.S.K. Lines, one if Japan's three largest shipping companies, is caught up in the confusion, as firms try and work out the impact of a two-week ceasefire between Iran and the U.S. In an interview with Jotaro Tamura on Thursday, the President and CEO said that it was necessary to confirm whether or not safety risks were low enough. Three tankers were recently rescued from the Strait of Gibraltar - two with cooking gas, liquefied petroleum gases (LPG), and one with liquefied gas natural. Tamura stated that the company is awaiting instructions from the Japanese government as to how it should proceed in the context of the two-week truce. LARAK ROUTE According to Iran's semi-official Tasnim News Agency, the IRGC would like vessels to navigate through Iranian waters in the area around Larak Island to avoid the danger of naval mines along the normal lanes in the strait. Tasnim reported that the IRGC navy instructed vessels to enter the strait just north of Larak Island, and exit it just south of the island until further notice. Ambrey, a British maritime security firm, said in an advisory that there was a real possibility of a continued risk for unauthorised Strait of Hormuz Transits and to Israel- or US-affiliated shipping trying to transit. It said that "even shipping with apparent approval was turned back mid-transit in recent weeks." LITTLE TRAFFIC Ship-tracking data on Thursday showed that only six ships passed through the Strait in the last 24 hours, as opposed to the normal 140. Data from Kpler Intelligence, Lloyd's List Intelligence, and Signal Ocean revealed that they included one oil products tanker, and five dry bulk carrier. Ship-tracking data on the MarineTraffic platform and Pole Star Global showed that a chemical tanker is set to cross, bound for India. Torbjorn Sltvedt, a risk intelligence analyst at Verisk Maplecroft, said that most shipping lines will remain cautious and two weeks won't be enough to clear up the backlog if traffic increases significantly. According to Kpler, more than 180 tankers containing approximately 172,000,000 barrels of crude and refined oil remain stranded. Toll System? Some media reports suggested that Iran could charge a toll to ships passing through. The figure was estimated at $2 million. Ship-tracking data showed some vessels, such as the Indian flagged Pine Gas LPG Tanker, were already taking an unusual route around Larak Island. Sohan Lal said that the Pine Gas' chief officer did not pay Iran for transit, and the vessel was not seized by the Islamic Revolutionary Guard Corps of Iran when it exited through this route. Western leaders have rejected any fees imposed by Iran for ships that pass through the Strait of Hormuz. On Thursday, ADNOC CEO and UAE state oil company CEO said that the Strait of Hormuz was closed. Iran must immediately open it. INDIA EASES RULES India granted waivers for two Iranian cargoes on an older tanker, and one under international sanctions, to enter its port in order to speed up the?delivery of oil from the Gulf. Two officials familiar with this matter told reporters that India has recently given waivers to allow the entry of two Iranian cargoes. India, the world's second largest importer of LPG for cooking, is experiencing its worst gas shortage in decades. The government has introduced rationing measures to ensure that households have enough LPG. IRAN'S OWN SHIPS Last month, the United States announced a temporary waiver of Iranian oil exports that will end on April 19. The move was made to ease fuel prices and support global supply. Since the Iran War began on February 28, oil prices have increased by about 50%. The U.S. average retail gasoline price has recently topped $4 per gallon for the first time in over three years. According to Charlie Brown, senior advisor at UANI, which monitors Iran related tanker traffic, one Iranian-flagged tanker carrying oil and another bunkering tanker passed through the strait during the last 24 hours. Brown stated that since Feb 28, at least 24 Iranian-flagged tanks have arrived in Asia. This pace is comparable to the pre-war level, he said. Reporting by Jonathan Saul and Ahmad Ghaddar; editing by Alex Richardson, Jason Neely and Jason Neely