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Attack condemned
Following the UN Secretary General’s call on Sunday for further US-Iran talks, the Council International Maritime Organization (IMO) condemned the latest attacks on civilian vessels in the strait – through which one-fifth of oil and natural gas exports pass – and called for immediate de-escalation on Monday, according to decision made at the end of the 137th session.
The council stressed in a separate resolution that the right of transit passage through straits used for international navigation must not be threatened, obstructed, denied, impeded, impaired or suspended.
In addition, IMO reiterates that any action taken by coastal States to regulate traffic in important shipping lanes must be carried out in accordance with IMO regulations under the Convention. International Convention on the Safety of Life at Sea.
Right of passage
In light of the challenges faced by international shipping in and around the Strait of Hormuz, the council emphasized that any arrangements between littoral states in the region must guarantee non-discriminatory and unimpeded transit passage rights for all vessels, through internationally recognized transit routes. traffic separation scheme adopted by the IMO in 1968.
In a social media post on Monday, US President Donald Trump confirmed that the strait would “remain open” and said Washington would reimpose a blockade of Iranian ports.
Burdensome
He added that the US would begin charging a 20 percent fee on all goods passing through the waterway as a “guardian.” He said the death toll was necessary to provide “safety and security”.
Iran’s foreign minister responded with a post saying Trump was “absolutely right,” but added that Iran would impose lower tariffs: “We will be fair,” Abbas Araghchi said.
That The IMO Council reiterated in an earlier statement that travel through the Straits should be free of any costs and fees, in accordance with international law.including IMO Conventionadopted in 1948.
The conference also called on the Secretary-General to explore options that promote safe maritime traffic and to work with coastal states, other member states, and industry to ensure the unimpeded return of shipping lanes in a coordinated and sustainable manner.
Shock and aftershocks
According to the latest reports, humanitarian and economic shocks have been felt for months in the Strait of Hormuz report from Switzerland-based ACAPS, an independent specialist in humanitarian needs analysis and assessment, released on July 10.
The near-continuous closure of the strait since February has triggered significant commodity price shocks around the world, according to the World Bank.
Global energy prices rose by 24 percent in the wake of the conflict, and fertilizer prices were expected to rise by more than 30 percent in 2026 in April, the World Bank found.
Prices soar
The shock is similar to the spike in commodity prices following the start of Russia’s invasion of Ukraine in 2022, which continues to impact the local economy years after the recovery of energy markets, according to the UN trade body. UNCTAD.
In Africa, the impacts on gross domestic product (GDP), food systems and public finances linger far beyond the initial price spike, resulting in long-term “scarring” impacts on development progress, UNCTAD warned.
