Article #8801

Iran’s plan to extract a $2m payment from tankers using the strait of Hormuz could raise costs for years to come

A second round of peace talks between the US and Iran has begun amid renewed attacks on oil tankers in the strait of Hormuz and a US blockade on Iranian vessels through the crucial trade route.

The future of this narrow waterway – and curbs on Iran’s nuclear programme – are at the centre of the talks after Tehran’s de facto blockade on oil and gas tankers via the strait pushed up energy prices.