According to Reuters, the 14-point interim memorandum gives Iran responsibility for arranging safe commercial passage through the Strait of Hormuz “with no charge” for a 60-day period. Full maritime traffic is expected to resume within 30 days, allowing time to remove technical and military obstacles, including de-mining.
The wording of the memorandum suggests that the immediate reopening of the Strait does not settle the future commercial regime for vessels using the route.
Reuters reported that the US and Iran have agreed to a 60-day negotiation period, during which the two sides are expected to work towards a final agreement. The memorandum also refers to future talks involving Iran, Oman and other Gulf states on the administration of the strait and maritime services.
That leaves open the question of whether shipowners could face charges after the 60-day toll-free period expires.
KBS World reported that Iran’s parliamentary speaker and chief negotiator, Mohammad Bagher Ghalibaf, has said the Strait of Hormuz will not “return to prewar conditions”. According to the broadcaster, Tehran maintains that it is entitled to charge service fees for ships crossing the strait once the fee-free period ends.
The distinction between a toll and a service fee has been central to the dispute. Under international maritime law, coastal states may charge for specific services, but a general charge for passage through an international strait is far more contentious.
Oil prices fall, but shipping uncertainty remains
Oil markets reacted to the deal by pricing in a lower risk of supply disruption. Reuters reported on Thursday that Brent crude fell to its lowest level since the start of the Iran war, as markets responded to the prospect of resumed traffic through Hormuz and a possible increase in Iranian oil exports.
However, a reopening on paper does not necessarily mean an immediate return to normal operating conditions. The memorandum allows up to 30 days for full traffic restoration, while shipowners and insurers will still need to assess the security situation, naval arrangements and the practical handling of vessels entering or leaving the Gulf.
Splash247 noted that the shipping industry’s main concern is now what happens after the 60-day free-passage period, particularly if Iran seeks to introduce charges under the heading of maritime services.
The memorandum is an interim arrangement rather than a final settlement. It extends the ceasefire and creates a two-month window for negotiations, but the permanent rules for traffic through the Strait of Hormuz have still to be agreed.
