Iran demands entry fee of 2 million dollars from every ship in the Strait of Hormuz, will the world’s maritime trade come to a standstill?

News India Live, Digital Desk: Amidst the ongoing tension in the Middle East, a new economic war seems to be breaking out through the sea. After the attacks by Houthis in the Red Sea, Iran has now started tightening its grip on the world’s most important sea route ‘Strait of Hormuz’. According to latest reports, Iran is now preparing to collect a huge amount of about 2 million dollars (about Rs 16.5 crore) from every cargo ship passing through this route. This step of Iran has increased the concerns of the entire world including America and Israel.

Iran’s new bet: Extortion in the name of security?

According to a new bill introduced in Iran’s parliament, the Tehran administration is planning to impose a ‘transit fee’ on commercial ships passing through the Strait of Hormuz. Iran argues that it provides security in the region and protects the environment, in return for which it should receive this fee. However, experts believe that this is a strategy to directly put pressure on America and Western countries. If this law is implemented, it will have a deep impact on global oil supply and freight.

There may be a huge jump in the prices of crude oil

The Strait of Hormuz is the world’s ‘choke point’ through which about 20 percent of the world’s total oil exports pass. Big oil producing countries like Saudi Arabia, United Arab Emirates, Kuwait and Iraq use this route. If Iran starts charging $2 million per ship, shipping companies will pass this burden on to customers, which could cause crude oil prices to skyrocket in the international market. For countries like India, which depend on this route for their energy needs, this news is no less than a shock.

Conflict will increase with America and Israel

This step of Iran is being seen as an ‘economic siege’ against America and Israel. The US has already increased its naval presence in the region. Experts say that due to the right of ‘Innocent Passage’ under international maritime laws, no country can charge such arbitrary fees. In such a situation, Iran’s insistence can create a situation of military conflict in the Gulf region. Amidst the Israel-Hamas war, this new front of Iran has the potential to shake the economy of the entire world.