After 40 days of intense conflict that shook global markets, Iran and the United States have agreed to a two-week conditional ceasefire. Mediated by Pakistan, this truce has paved the way for the immediate reopening of the Strait of Hormuz, a vital conduit for one-fifth of the world’s energy supply.

However, the reopening comes with a significant caveat that could keep global oil and fuel prices high. According to sources like AP and Reuters, Iran and Oman are planning to impose a first-of-its-kind ‘transit fee’ or toll on vessels passing through the 34-km wide strait. Tehran reportedly aims to use these funds to finance the massive post-war reconstruction of its damaged infrastructure.

The proposed fees, which could reach up to $2 million per vessel depending on size and cargo, have faced stiff opposition from regional neighbors like the UAE and Qatar, who advocate for free passage. While UN maritime laws generally prohibit such tolls, Iran is currently drafting new protocols with Oman. As peace talks are scheduled for April 10, the global economy watches closely to see if the end of guns will lead to the beginning of a new trade burden.