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Market Chatter: European Nations Brace for New Strait of Hormuz Shipping Costs

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European countries have shifted their expectations toward a future in which commercial vessels will incur new costs for transiting the Strait of Hormuz, Bloomberg reported Thursday, citing people familiar with private talks.

While preparing for the prospect of higher transit costs, European countries have urged Iran and Oman not to differentiate between vessels based on nationality if new charges take effect, the report said.

Omani officials have also told their European counterparts that shipping through the Strait of Hormuz is unlikely to return to its prewar framework, with future charges expected to cover navigation assistance and environmental protection services, according to the report.

European Commission and Oman's Ministry of Foreign Affairs did not immediately reply to' request for comment. Iran's Ministry of Foreign Affairs could not be immediately reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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