Iran Halts 10% Levy on Oil Freight Fees

Iran has suspended a 10% charge on freight fees for foreign vessels transporting oil, gas, and liquid petroleum products. This move, reported by the semi-official Fars news agency, comes amid disruptions by a U.S. naval blockade. The suspension aims to lower costs and attract foreign fleets.

Iran has decided to temporarily suspend a 10% charge on freight fees for foreign vessels carrying imported or exported oil, gas, and liquid petroleum products, as reported by the semi-official Fars news agency on Thursday.

This development comes in the wake of a U.S. naval blockade that has significantly disrupted Iran's seaborne oil exports. According to Fars, the presidential legal deputy has ordered the cessation of this levy collection until a government-approved and published list of products subject to the charge is established.

The suspension of the charge, which has been driving up transportation costs, is expected to lower expenses and encourage foreign fleets to engage in transporting goods to and from Iran.