💨 Abstract

Iran may start charging $1 million per ship to pass through the Strait of Hormuz, a crucial oil transit route, as part of a new peace deal. The U.S. has reopened the strait, but the safety and terms of passage remain unclear. The move could affect global oil prices and supply, with drivers in the UK hoping for relief from recent price hikes. The stability of the ceasefire and free movement of oil shipments are key factors in determining future fuel prices.

Courtesy: Sarah Hooper