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President Donald Trump announced that Iran has assured the United States there will be no tolls, insurance costs, or charges of any kind imposed on vessels transiting the Strait of Hormuz, one of the world's most strategically critical shipping passages.
What the Strait of Hormuz Is — and Why It Matters The Strait of Hormuz is a narrow waterway between Iran and Oman that connects the Persian Gulf to the Gulf of Oman and the broader ocean beyond.
It is the chokepoint through which a significant share of the world's seaborne oil and liquefied natural gas travels.
Any restriction on passage through the strait — whether a physical blockade, a fee regime, or elevated insurance requirements imposed by the threat of seizure — ripples immediately into global energy markets and shipping costs.
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