Iranian MP proposes bill to tighten Strait of Hormuz passage rules and signal shift away from dollar‑based trade, saying new regulations could reshape energy‑shipping terms in the Persian Gulf.
Jalil Mokhtari, a member of the Iranian parliament’s Energy Committee, said on Monday, that a draft bill titled “Strategic Action for the Security of the Strait of Hormuz” aims to redefine transit regulations for vessels passing through the strategically vital waterway. The bill, he explained, would allow Iran to impose stricter monitoring and control measures over maritime traffic, including requirements for pilotage and enhanced security protocols, which could in practice alter how ships transit the Strait.
Mokhtari added that the proposed legislation envisions collecting tolls in Iranian rials for pilotage and safety‑assurance services, and encourages the use of alternative currencies such as China’s yuan and even cryptocurrencies in oil and gas transactions. He framed this as a direct challenge to U.S. financial dominance, arguing that such measures would mark the “weakening of U.S. financial dominance” and the “beginning of the path toward de‑dollarization” in global energy trade.
Iranian officials have long treated the Strait of Hormuz as a key leverage point, given that roughly one‑fifth of global seaborne oil passes through it. The draft bill has not yet been voted on, but its proposed language has already drawn attention from Gulf‑based energy‑shipping executives and Western diplomats, who warn that any move to tighten or politicise transit rules could raise insurance costs and complicate supply‑chain planning for oil and liquefied‑natural‑gas cargoes.
Key highlights
-
Iran bill to change Hormuz rules
-
New tolls in rials planned
-
Push for yuan, crypto in trade
-
Aim: weaken US financial dominance
-
Could reshape Gulf energy shipping