Iran considers fund to reopen Strait of Hormuz as shipping nations watch closely

Iran is reportedly exploring a plan to help reopen the Strait of Hormuz by establishing a voluntary international fund supported by Gulf states and European countries that depend on the vital shipping route.

Rather than introducing mandatory tolls, the proposed fund would finance key maritime services, including navigation assistance, environmental protection measures, and search-and-rescue operations.

The proposal is based on a similar cooperative model used in the Strait of Malacca, where stakeholders contribute towards maintaining the safety and efficiency of one of the world’s busiest maritime passages.

According to The Telegraph, the plan has reportedly received support from Oman and could provide a legal pathway forward, as international maritime law does not allow countries to impose compulsory transit fees on major international shipping chokepoints such as the Strait of Hormuz.

The issue is closely watched by global shipping nations, including Greece, which operates one of the world’s largest merchant fleets and plays a leading role in international maritime trade. Greek-owned shipping companies are among the biggest participants in global ocean transport, making the stability and security of major sea routes such as the Strait of Hormuz a key concern for Athens and the wider shipping industry.

The Strait of Hormuz, located between Iran and Oman, is one of the world’s most strategically important waterways, with a significant share of global oil and gas shipments passing through the narrow passage each year.

Any disruption to traffic through the strait has the potential to affect energy markets, supply chains, and international shipping operations.

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