- President Donald Trump claims the Strait of Hormuz will be permanently toll-free as part of a US-Iran peace agreement.
- The announcement could reshape global energy shipping costs and insurance premiums.
- Skepticism remains as Iranian officials insist terms must be negotiated.
President Donald Trump on Thursday declared that the Strait of Hormuz, a critical chokepoint for global oil shipments, would become permanently toll-free under a peace deal with Iran.
"Hormuz will be toll-free when it opens permanently," Trump said at a press conference, adding that an agreement has been signed. The statement marks a dramatic shift for the waterway, through which about 20% of the world's oil passes.
According to people familiar with the matter, the arrangement is part of a broader framework aimed at de-escalating tensions in the Persian Gulf. However, Iranian authorities have pushed back, signaling that any reopening would be contingent on terms it negotiates, including guarantees related to nuclear talks and regional security.
Analysts warn that the practical impact hinges on compliance. "If implemented, it could lower transit costs and reduce oil price volatility," said one energy market strategist. "But without enforcement, it's just rhetoric."
Shipping industry executives have welcomed the potential for reduced costs. "A toll-free Hormuz would be a game-changer for tanker operators," said a senior executive at a major shipping firm. Yet, he cautioned that insurance premiums would remain high until de-mining steps are verified.
Attempts to reach Iranian officials for comment were unsuccessful.
Correction: An earlier version of this article misstated the timing of Trump's remarks. The press conference occurred Thursday, not Wednesday.