DATA & FIGURES
$30m per supertanker, the equivalent of $8 on oil and $177 on LNG. The fee is expected to generate significant revenue for the US, with some estimates suggesting it could be as high as $1 billion per year.
THE SCENARIO
The imposition of the fee is seen as a significant escalation of tensions in the region, with Iran responding with missile attacks on tankers and US military bases. The move is also expected to have a significant impact on global trade, particularly for countries that rely heavily on imports from the Middle East.
DIRECT QUOTE
"We can't control this: the populist tide is coming for both parties" — Michael Every, Rabobank
BBN INSIGHT
The US move to impose a fee on cargo passing through the Strait of Hormuz is a significant development in the ongoing tensions in the region. The move is expected to have a significant impact on global trade, particularly for countries that rely heavily on imports from the Middle East. The Positive Side: The fee is expected to generate significant revenue for the US, which could be used to fund infrastructure projects and support the economy. The Negative Side: The move is expected to increase the cost of imports for countries that rely heavily on Middle Eastern oil, which could lead to higher prices for consumers and potentially slow economic growth.
MARKET REACTION
Oil prices have surged 9% in response to the US move, with the price of Brent crude reaching $85 per barrel. The move is also expected to have a significant impact on the stock market, with energy stocks likely to be affected.