"Iran has effectively shut down the Strait of Hormuz, which normally carries about a fifth of the world's total oil consumption, in retaliation for US-Israeli strikes that began on February 28."
"Tehran offered a competing vision for future control of the strait and said it was drafting a protocol with Oman that would require ships to obtain permits and licences."
"These requirements will not mean restrictions, but rather to facilitate and ensure safe passage and provide better security for maritime operations."
"Mr Trump said operations would be intensified and gave no timeline for ending hostilities, drawing threats of retaliation from Tehran and depressing share prices."
Tehran is proposing a system to charge for passage through the Strait of Hormuz, which is crucial for global oil shipments. This comes as tensions escalate following US President Trump's threats of intensified military action against Iran. The Strait, vital for about 20% of the world's oil, has been effectively shut down by Iran in response to US-Israeli strikes. Iran is drafting a protocol with Oman to require ships to obtain permits, claiming this will facilitate safe passage rather than impose restrictions.
Read at Irish Independent
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