The Strait of Hormuz: A New Normal? The recent proposal from Oman, backed by Gulf states, to establish a joint regional management system for the Strait of Hormuz has sent shockwaves through energy markets and beyond.
This development marks a significant shift in the dynamics of maritime trade, one that goes beyond longstanding tensions between Iran and the US over control of the strategic waterway.
In the pre war era, the Strait was a relatively straightforward passage for ships, with no tolls or fees to worry about.