ADVERTISEMENT

ADVERTISEMENT

Iran’s Revolutionary Guards on Thursday warned against any crossings of the Strait of Hormuz without authorisation, saying vessels not complying “will be dealt with”.

The future of the strait, a vital route for energy shipments that was blockaded by Iran during the war, is a key sticking point in negotiations between Tehran and Washington.

Tehran has said it plans to impose what it calls maritime service fees, as opposed to tolls, while the United States argues it is an international waterway and therefore should not be charged.

“The only authorised route for passage through the Strait of Hormuz is the route announced by the Islamic Republic of Iran,” said the Revolutionary Guards, the ideological arm of Iran’s military.

Any crossing without authorisation is “unacceptable and extremely dangerous”, they warned in a statement.

They also denounced what they said was a new route through the waterway announced by “certain authorities”.

The statement did not elaborate but it appeared to be a response to an announcement overnight of a temporary corridor by Oman, which also borders the strait.

Omani authorities released a map of a route running close to the Omani coast that they said was coordinated with the International Maritime Organisation, a UN agency responsible for marine safety.

The only route currently authorised by Iran runs through a corridor that follows the Iranian coast.

Hormuz is a narrow stretch of water between Iran and the Gulf countries through which roughly 20 percent of the world’s crude oil and liquified natural gas normally transits.

At its narrowest it is only about 30 kilometres (18 miles) wide.

A memorandum of understanding signed last week by Tehran and Washington to end their war stipulated that commercial ships may transit the strait free of charge for the next 60 days.

With Iran and the US in negotiations, it is unclear what arrangements will be in place after that period.

Iran and Oman announced on Tuesday that they would study the “costs” to be charged for services related to administration of the strait.

But US Secretary of State Marco Rubio, visiting neighbouring Gulf countries this week, said Washington would not accept any tolls or fees.

AFP

ADVERTISEMENT

ADVERTISEMENT

Finally oil prices dropped to $72 per barrel on Thursday from about $120 per barrel, their lowest level since the US-Iran conflict began in February.

Brent crude futures for August delivery fell $1.06, or 1.44%, to $72.68 a barrel by 0639 GMT, while U.S. West Texas Intermediate lost 76 cents, or 1.08%, to $69.58 a barrel.

According to Oilprice.com, crude oil had fallen from $76.75 per barrel on Tuesday to $73.50 on Wednesday, after surging during the conflict as tensions threatened shipping through the Strait of Hormuz.

Rising Middle Eastern supply, together with Iran set to boost sales after a reprieve from U.S. sanctions, drove down prices of physical crude oil cargoes around the world.

Traders grew optimistic that the US-Iran agreement would help keep the strategic waterway open, alongside reports of a slight increase in shipping traffic.

An initial accord last week to ‌end ⁠the U.S.-Israeli war with Iran, which began on February 28, has allowed the resumption of traffic through the strait.

The accord set up 60 days of negotiations to tackle tougher issues, such as Iran’s nuclear programme. Wright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again.

Oman opened temporary routes on ⁠Wednesday to ease tanker departures from the strait, with the International Maritime Organization and Omani authorities coordinating movements.
According to CNN, traders are still monitoring whether traffic continues to flow smoothly through the strait and whether tensions remain contained across the Middle East.

On Tuesday, President of the United States, Donald Trump, said a record 19 million barrels of oil flowed out of the Strait of Hormuz on Monday. According to Trump, oil prices are tumbling as a result of the oil flow through Hormuz.

“19 million barrels of oil flowed out of the Hormuz Strait yesterday, an all-time record. Oil prices are tumbling down, and the world is a much safer place,” Trump said in a post on his social media handles.

ADVERTISEMENT

ADVERTISEMENT

Ten people have been rescued with varying degrees of injuries following the collapse of a building in the Alakija area of the Amuwo-Odofin Local Government Area (LGA) of Lagos State.

The Lagos State Fire and Rescue Service said the building, which collapsed on Thursday, is a residential structure located at Old Ojo Road, by Alakija Bus Stop, off Lagos-Badagry Expressway, Satellite Town, Lagos.

“The incident involves the collapse of a storey building, an existing residential structure occupied by multiple residents at the time of the incident,” the Lagos State Fire and Rescue Service Controller General, Margaret Adeseye, said in a statement on Thursday.

“As of the time of this report, 10 persons have been rescued alive with varying degrees of injuries and have been handed over to medical personnel for necessary treatment.”

According to her, the service received a distress call at 11:37 am regarding a building collapse incident, and immediately, emergency responders from the Ijegun-Egba Fire Station were mobilised and arrived at the scene at 11:49 am.