Strait Of Hormuz Reopens After Ceasefire, But New Transit Fees May Raise Oil Prices

After nearly 40 days of disruption in the Strait of Hormuz, a fragile ceasefire in the Gulf conflict has led to the reopening of one of the world’s most critical shipping lanes. Hundreds of vessels carrying crude oil, LNG, LPG and other cargo had been stranded in the waterway, leaving more than 20,000 sailors stuck aboard amid escalating military tensions. Iran has now said it will allow ship movements through Hormuz under certain conditions, while the US says it will help manage the heavy traffic backlog. But the reopening may come at a cost: reports suggest Iran and Oman could impose new transit fees on ships using the route. If implemented, the so-called “Hormuz tax” may push up global energy prices and impact oil markets worldwide. Here’s what the ceasefire means for shipping, trade and your fuel bill.