Middle East Crisis Strait of Hormuz

Iran and Oman may impose permanent tariffs in Hormuz

Iran and Oman are in talks to create a permanent tariff system for shipping through the Strait of Hormuz, Bloomberg reports. The aim is, among other things, to cover the bill for security in the strait, according to Iran's ambassador to France.

- It will involve costs and it goes without saying that those who want to benefit from the traffic must also pay their share, Mohammad Amin-Nejad tells the news agency.

Traffic through the strait is still far below the levels seen before the outbreak of the Iran-Iran war. At that time, around 135 ships a day were traveling through Hormuz. According to Iran, the figure for both Tuesday and Wednesday was a total of 26 passages. 

Warning: Recession like 2008 if the strait does not open

If cargo traffic through the Strait of Hormuz remains severely restricted over the summer, there is a risk that the world economy will slow down in a similar way to the last financial crisis. This warning is issued by the consulting firm Rapidan Energy Group according to Bloomberg.

The analysts note that the economy is certainly not in as extreme a place as in the 1970s or 2007.

"But the relatively stronger starting point does not eliminate the risk that continued oil price shocks would exacerbate financial and macroeconomic vulnerabilities," they write.

Rapidan's main scenario, however, is that traffic through the important strait can resume in July - and that the oil price peaks at $130 per barrel this summer.