Iran said Monday it is charging fees for "navigational services" through the Strait of Hormuz, claiming regulatory control over waters in UAE and Oman's territory, prompting five Gulf states to warn shipping companies not to comply. The standoff over the strategic waterway, through which a fifth of the world's oil and gas trade passes, has caused oil prices to surge and prompted the European Commission to cut its 2026 growth forecast.
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Iran said Monday it is charging fees for "navigational services" through the Strait of Hormuz, claiming regulatory control over waters in UAE and Oman's territory, prompting five Gulf states to warn shipping companies not to comply. The standoff over the strategic waterway, through which a fifth of the world's oil and gas trade passes, has caused oil prices to surge and prompted the European Commission to cut its 2026 growth forecast.