Iran is considering a proposal to levy transit fees on vessels passing through the Strait of Hormuz, a lawmaker says according to AFP, a potential bid to monetise Tehran’s newfound grip over the critical waterway through which a fifth of global oil and liquefied gas passes.

According to the Iranian Students’ News Agency, the lawmaker said parliament was considering a bill under which countries using the strait for shipping, energy transit and food supplies would be required to pay tolls and taxes to Iran.