Iran Envoy Says Iran and Oman Will Set New Hormuz Conditions

Iran’s ambassador to Moscow said the Strait of Hormuz will be open, but under new conditions.

The envoy mentioned Iranian and Omani authorities will determine conditions, which will include transit fees. 

Iran to Monetize Hormuz as Oil Flows Stay Choked

Kazem Jalali made the remarks to the Russian newspaper Izvestia on Monday. His comments signal Tehran’s intent to monetize its grip over the waterway. 

Jalali said Iran and Oman provide services tied to the strait and would charge for them. He did not detail how the fees would be structured.

“Of course, this strait will ⁠be open, but with new conditions to be determined by ​the Iranian and Omani authorities,” he said. “We understand that Iran and Oman provide certain services related to this strait. And fees will be charged for those services.”

However, the plan faces firm resistance from Washington. The US warned Oman in late May not to join the effort. Treasury Secretary Scott Bessent said Oman’s ambassador denied any such plans.

Meanwhile, this is not the first time Tehran has tied the Hormuz passage to payment. In April, Iran said it would charge oil tankers transit tolls in cryptocurrency.

Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, named Bitcoin (BTC) as a payment method.

Hormuz Closure Squeezes Energy Markets

The US-Israeli war on Iran began on February 28 and has largely choked oil flows through the strait. Before the conflict, the waterway carried about one-fifth of the world’s seaborne oil and a similar share of liquefied natural gas (LNG).

That disruption has kept energy prices high. Brent crude traded near $97 a barrel on Monday after Israel struck Lebanon and explosions hit Iranian cities. Moreover, oil and LNG flows remain severely constrained.

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Global oil inventories have fallen to 7.6 billion barrels since the Iran war began pic.twitter.com/XjBRtG5Nds

— Hedgeye (@Hedgeye) June 7, 2026

The standoff is rippling through global trade. Spot rates for a 40-foot container from Asia to the US West Coast rose 20% in a week. According to The Kobeissi Letter, the price hit $3,933, the highest in months, while charges to Northern Europe jumped 27% to $3,649.

“Since the start of the Iran War, Asia-to-US container rates have surged +109%, and Asia-to-Europe rates are up by more than +50%,” the post read.

Analysts expect more pressure as importers restock inventories in July and August. 

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