Oil industry leaders have reportedly expressed their disapproval to the Trump administration regarding Iran’s proposal to levy tolls on the strategic Strait of Hormuz.
Executives from various oil companies have reached out to Secretary of State Marco Rubio and Vice President J.D. Vance to voice their concerns. A meeting was held with senior administration staff in the State Department on Wednesday to discuss the matter, reported POLITICO.
The industry leaders worry that the proposed tolls could add about $2.5 million per shipment through higher insurance and fees, costs likely to be passed on to consumers. They also fear it may set a precedent for countries like Singapore and Turkey to impose similar charges on key routes such as the Strait of Malacca and the Bosporus.
Furthermore, the executives worry that paying the toll could potentially put companies at risk of violating sanctions on Iranian officials. Despite these concerns, White House Press Secretary Karoline Leavitt stated that the administration is working with a “more reasonable” set of Iranian proposals, without specifying the changes in the plan. …Full story available on Benzinga.com
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