Iran’s ambassador to Moscow, Kazem Jalali, said that the Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee, Reuters reported on Monday.

“Of course, this strait will be open, but with new conditions to be determined by the Iranian and Omani authorities,” Ambassador Kazem Jalali said. “We understand that Iran and Oman provide certain services related to this strait. And fees will be charged for those services,” he added.

Market reaction 

At the time of writing, the West Texas Intermediate (WTI) is up 4.60% on the day at $92.65.

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