Iran's Toll Demand Threatens Global Oil Flow

0:00It's April 9th. You're listening to Global News today, AI-powered coverage from around the world. I'm Cory with the story. Iran's pushing hard to end its war with the United States and Israel by demanding the right to charge tolls on ships passing through the strait of. Hormuz, as a must-have condition for reopening this key waterway, that carries 20 percent of the world oil. The strait got blocked right after the conflict kicked off on February 28th, with Iran hitting ships and scaring others away, and they've already started a shady vetting process where some vessels pay up and think around $2 million in yuan for big tankers to get through. President Trump wants that strait open fast to ease global energy crunches, but the White House flat out rejects tolls and gulf oil giants like Saudi. Arabia agree since it had hand Iran control and forced them to slash 12 million barrels a day of production with no good bypass options. Global prices spiked from 72 bucks a barrel, pre-war to 118 by late March, now hovering

1:03at $94 and change after. Ceasefire news, hitting economies worldwide with higher gas and fertilizer costs, while padding Russia's sanctioned oil sales. Experts warned this toll scheme trashes centuries-old rules on free navigation under international law, risking copycats in spots like the Taiwan. Strait, so negotiations stay tense as traffic shows zero pickup despite the truce talk.