On Thursday, reports emerged that Iran's parliament is drafting legislation to impose a "security toll" on vessels passing through the Strait of Hormuz. The move appears to be an effort by Iran to monetize its control over the critical waterway, which handles approximately one-fifth of global oil and liquefied natural gas exports. Since the onset of hostilities involving the U.S. and Israel against Iran, Tehran has repeatedly disrupted shipping lanes for vessels it deems linked to adversaries or their allies.

According to the report, the proposed bill would require countries using the strait for transportation, energy transit, and food supply shipments to pay a transit tax or fee to Iran. The lawmaker involved did not specify the current stage of the bill or disclose the exact amount of the proposed charge.

Following the news, Brent crude prices experienced a slight decline.