Iran’s new Hormuz body shows it is in no mood to let go of strait

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Iran has announced a new body to manage the Strait of Hormuz, which Tehran has effectively closed to the cost of the global economy. The Persian Gulf Strait Authority appears to be the last step in Iran’s plans to charge ships to transit the crossing, which in peacetime accounts for a fifth of the global oil and gas supply. Iran said it received its first toll revenue in April but the formation of an organisation to handle Hormuz shows it in no mood to loosen its grip. Donald Trump warned at the weekend that the “clock was ticking for Iran” to make a deal with the US. In truth it is ticking for the world, which faces catastrophic oil prices if the Strait of Hormuz does not open up in short order.