Four industry sources told Reuters a proposed Iran-Oman agreement that would give Tehran control over vessels entering the Gulf via the Strait of Hormuz faces implementation barriers from US sanctions and restrictive insurance terms. Any transit fee would create major compliance risk because the US has sanctioned the "Persian Gulf Strait Authority" and the US Treasury bars US persons from accepting Iranian services related to securing safe passage; sources said payments could trigger asset freez

Four industry sources told Reuters a proposed Iran-Oman agreement that would give Tehran control over vessels entering the Gulf via the Strait of Hormuz faces implementation barriers from US sanctions and restrictive insurance terms. Any transit fee would create major compliance risk because the US has sanctioned the "Persian Gulf Strait Authority" and the US Treasury bars US persons from accepting Iranian services related to securing safe passage; sources said payments could trigger asset freezes. Separately, the Lloyd's Market Association in late July introduced a war-risk clause that voids cover if a vessel pays transit or passage fees for the Strait; an insurance source said shipowners face a bind because the clause prevents insurers from covering owners who pay while Iran seeks to collect fees.