Oil and Gas
Iran eases Strait of Hormuz transit rules amid oil shock
Iran is easing restrictions on transit through the Strait of Hormuz, saying vessels not deemed hostile and not supporting military action against Tehran may pass, according to its mission to the United Nations.
Ships must comply with Iranian security regulations and coordinate their passage with relevant authorities, the mission said late on Tuesday.
The Strait of Hormuz has become a flashpoint in the current U.S.-Israeli war with Iran.
Tehran has repeatedly attacked vessels in the waterway, effectively closing off a key shipping route for global oil and gas supplies.
The narrow passage between Iran and Oman is the only link between the Gulf and the world’s oceans.
It is regarded as one of the most important shipping routes globally, with around 20 per cent of the world’s oil supply normally passing through it. (dpa/NAN)
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