Iran’s Persian Gulf Strait Authority is imposing mandatory, Iran‑approved insurance for all ships using the Strait of Hormuz — free for 60 days, but with fees likely afterward The move challenges a US-Iran agreement guaranteeing toll‑free passage Iran demands vessels use its preferred northern route, with threats of penalties for non‑compliance Shipowners, MEG states and IMO warn the policy could destabilise transit norms, while US officials emphasise keeping the strait open as negotiations cont...