BlockBeats News, August 7th - According to Reuters, four industry sources said that an Iran-Oman agreement under discussion would give Tehran control over ships entering the Gulf through the Strait of Hormuz, but the deal faces hurdles due to U.S. sanctions and restrictive insurance terms regarding any payments. Any fee arrangement would pose significant compliance challenges as the U.S. has sanctioned Iran's "Straits of Hormuz Marine Authority," responsible for operating the waterway. The U.S. Treasury also prohibits U.S. persons from accepting services related to "ensuring safe passage" offered by the Iranian government.

Industry sources said that any payment activity could lead to asset freezes. Another complicating factor is a clause introduced by the International Group of P&I Clubs at the end of July for war risk underwriters. Under this clause, if a vessel has paid a transit due, toll, or other similar charges to pass through the Strait of Hormuz, its insurance cover would be terminated. An insurance industry source said shipping companies are in a dilemma as the International Group of P&I Clubs' clause prevents insurers from covering shipowners who have paid fees, while Iran seeks to levy a toll. (Kryptonite)