Iran temporarily suspends transit fees in Strait of Hormuz

Iran has agreed to a 60-day suspension of transit fees for vessels passing through the Strait of Hormuz while negotiations with the United States continue, the Fars news agency reports, citing a source.

The source said the measure applies for the duration of the talks.

After the 60-day period, Iran intends to provide services related to security, navigation, environmental protection, and insurance, aiming to use revenues from commercial shipping traffic in the strait to support the country’s economic development.

The services will be offered to vessels by both Iran and Oman, the source added.

By Bakhtiyar Abbasov