President Donald Trump on Thursday warned Iran against charging tolls on ships transiting the Strait of Hormuz, a chokepoint through which 20% of the world's oil supply passes.
Hamid Hosseini, a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, which works with the Iranian government, told the Financial Times on Wednesday that Iran would require ships passing through the strait to pay the cryptocurrency equivalent of $1 per barrel of oil on board during a two-week ceasefire with the U.S.
"There are reports that Iran is charging fees to tankers going through the Hormuz Strait — they better not be and, if they are, they better stop now!" Trump wrote on Truth Social.
Trump's post came a day after he suggested working with Iran to charge tolls on ships passing through the strait.
He told ABC News on Wednesday that the U.S. and Iran are "thinking of doing it as a joint venture" as "a way of securing it, also securing it from lots of other people. It's a beautiful thing."
Trump also addressed tolls Monday during a White House press briefing. He was asked whether he would be OK with Iran charging tolls to end the conflict.
"What about us charging tolls?" Trump said. "I'd rather do that than let them have them, right? Why shouldn't we? We're the winner."
Any suggestion of a joint U.S.-Iran venture to charge tolls drew pushback Thursday from the European Commission and the United Nations' shipping agency.
"International law provides for the freedom of navigation, which means what? It means no payment or toll whatsoever," a European Commission spokesperson told Euronews. "The Strait of Hormuz, like any other maritime lane, is a public good for all humanity, which means navigation must be free. Freedom of navigation must be restored."
A spokesperson for the U.N.'s International Maritime Organization told Reuters that imposing a toll on ships sailing through the strait would "set a dangerous precedent."
"There is no international agreement where tolls can be introduced for transiting international straits," the spokesperson said.
The U.N. Convention on the Law of the Sea outlines rules governing straits used for international navigation. Although the U.S. and Iran signed the treaty, neither has ratified it, and Iran has long rejected key provisions governing transit through international straits.
"According to UNCLOS, ships enjoy the right of transit passage through international straits," the spokesperson said. "States bordering straits shall not hamper that right or suspend the transit passage."
Meanwhile, oil company executives reached out to the White House, Secretary of State Marco Rubio and Vice President JD Vance to protest Iran charging tolls in the strait as a condition of peace talks, Politico reported Wednesday.
Oil industry representatives met with senior State Department staff Wednesday morning to raise concerns, one attendee told Politico.
They said conceding to Iran's request would add $2.5 million in tolls and higher insurance costs to each shipment, expenses likely passed on to consumers.
Giving Iran control of the strait could set a precedent for countries such as Singapore and Turkey to impose tolls on key trade routes, including the straits of Malacca and Bosporus. Paying such tolls could also expose companies to legal risk for violating sanctions on Iranian officials.
White House press secretary Karoline Leavitt said during Wednesday's briefing that the issue of the U.S. generating revenue from the strait is "an idea the president has floated, as you know, and it's something that will continue to be discussed over the course of the next two weeks.
"But the immediate priority of the president is the reopening of the strait without any limitations, whether in the form of tolls or otherwise."
Michael Katz ✉
Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.
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