Iran suspends Strait of Hormuz transit fees for 60 days after US deal

Iran has agreed to temporarily lift fees for ships passing through the Strait of Hormuz. The decision comes after the signing of a memorandum of understanding with the United States. The waiver will last for 60 days from the date of the agreement. Vessels will be allowed to transit the strait during this time, provided they meet all the required conditions. The move removes a financial barrier for maritime traffic in one of the world’s busiest shipping lanes. Ships complying with the rules will face no charges for the next two months.