Iran just changed the rules on the most important shipping lane on the planet. Iranian Ambassador to Moscow Kazem Jalali announced on June 8 that the Strait of Hormuz will reopen under new conditions jointly established by Iran and Oman, including, for the first time, transit fees for vessels passing through the waterway.

The strait handles roughly 20% of the world’s oil shipments.

What Iran and Oman are proposing

According to Jalali’s announcement, the new fees would serve as compensation for services that Iran and Oman provide to ships navigating the strait. Those services include navigation support, security measures, search and rescue operations, and environmental response initiatives.

The announcement…