The Strait of Hormuz, a narrow but vital waterway through which over one-third of global oil supplies flow, has become the focal point in a brewing storm between the United States and Iran. The UN's International Maritime Organization (IMO) is meanwhile racing to evacuate more than 11,000 sailors stranded in the Gulf region, in what it calls a "decisive step towards restoring maritime security". This unprecedented operation, which involves cooperation with Iran, Oman, the US and other regional states, has been prompted by an interim agreement aimed at de-escalating tensions between Washington and Tehran.
The delicate diplomatic balancing act continues to unfold as both sides wrangle over key provisions of the Memorandum of Understanding (MoU) agreed last week. The US is insisting that inspections of Iranian nuclear sites are included in the MoU, while Iran's President Masoud Pezeshkian has rejected any compromise on its defensive capabilities. Meanwhile, a senior Iranian official has indicated that the International Atomic Energy Agency (IAEA) will not inspect facilities bombed in recent months.
As tensions simmer, the US has taken a firm stance against what it sees as Iran's attempt to strangle international shipping through the Strait of Hormuz by imposing so-called "maritime service fees". US Secretary of State Marco Rubio, currently on a tour of Gulf nations including the UAE, Kuwait and Bahrain, has made it clear that such tolls are prohibited under international law. He described the waterway as an international thoroughfare.
The Strait's critical importance to global trade cannot be overstated: its closure in early 2023 had sent oil prices soaring above £75 ($100) per barrel and disrupted shipments of essential commodities like fertiliser. The safe and unimpeded passage through the Strait is therefore crucial for the world economy, not least as the IMO presses on with its evacuation plan.
The organisation's efforts include potential use of temporary routes through the Strait, with vessels receiving individual instructions, as well as daily reports on ship departures. Since the waterway reopened after a prolonged closure, at least 172 vessels have successfully navigated it – including 42 ships in a single day, according to maritime intelligence firm Kpler.