Iran and the United States have signed a memorandum of understanding to suspend planned transit fees for vessels passing through the Strait of Hormuz for 60 days. The deal, inked around June 17-18, gives both sides a window to negotiate a broader agreement, though Iran has made clear it intends to start collecting fees once the clock runs out.
Roughly 20% of the global oil supply passes through this narrow waterway between Iran and the Arabian Peninsula.
What the deal actually says
The MoU explicitly prohibits tolls on vessels during the 60-day suspension period. The fees in question cover services Iran says it provides: security, safety, environmental oversight, and insurance for ships navigating the strait.
Vessels aren’t simply free to cruise through unannounced. Iran’s Persian Gulf Strait Authority has mandated that ships submit advance requests and coordinate their transit during this interim period. The stated reason is existing hazards, including maritime mines.
