Oil Tanker Rates Hit Record Highs Following Iran, US Shipping Attacks
The cost of shipping oil in the largest tankers hit record highs this week following the biggest wave of attacks on shipping since the U.S.-Iran war began in late February.
IMO Secretary-General Arsenio Dominguez at the opening of the IMO Marine Environment Protection Committee (MEPC) 2nd extraordinary session, 14-17 October, 2025. Photo courtesy IMO

LONDON, April 9 (Reuters) – Imposing a toll on ships sailing through the critical Strait of Hormuz would “set a dangerous precedent” and countries should not impede freedom of navigation, the UN’s shipping agency said on Thursday.
Iranian officials have raised the idea of charging a toll for using the Strait after a two-week ceasefire between the United States and Tehran was agreed this week.
“There is no international agreement where tolls can be introduced for transiting international straits. Any such toll will set a dangerous precedent,” a spokesperson with the UN’s International Maritime Organization said.
IMO countries adopted the UN Convention on the Law of the Seas, or UNCLOS, which outlines the rules that govern straits used for international navigation.
“According to UNCLOS, ships enjoy the right of transit passage through international straits. States bordering straits shall not hamper that right or suspend the transit passage,” the IMO spokesperson said.
(Reporting by Jonathan Saul; editing by Barbara Lewis)
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