The Persian Gulf Strait Authority (PGSA) of Iran on Friday published new transit procedures for the Strait of Hormuz, requiring all vessels to submit passage requests at least 48 hours before arrival via official channels and to follow designated routes coordinated with the authority. The measures, announced days after the signing of a US-Iran memorandum of understanding, include a 60-day waiver of security, safety, and environmental service fees, with costs borne by Tehran. However, the PGSA also mandates that ships hold an insurance policy it provides — currently free of charge — and explicitly reserves the right to introduce insurance tariffs in the future, a clause that has drawn sharp attention from maritime powers.

Viewed from Tehran, the procedures formalise Iranian oversight of the strategic waterway during the ceasefire period, with the PGSA warning that any failure to comply is at the shipowner's own risk. The authority, created during the conflict and sanctioned by Washington, is not recognised by neighbouring Gulf states, which have cautioned shipowners against engaging with it. According to Western diplomatic sources, the United Kingdom is leading an effort to press the Trump administration not to accept or normalise any Iranian attempt to impose tolls, arguing that such charges would violate international law on freedom of navigation and set a precedent that could be replicated in other chokepoints. The US Treasury has previously described the PGSA as illegitimate, and Secretary Scott Bessent called it "a joke".

The announcement coincides with the stalling of the diplomatic track. The 14-point memorandum, signed electronically on Wednesday by Presidents Donald Trump and Masoud Pezeshkian with Pakistan's prime minister as intermediary, established a 60-day negotiation period to reach a final accord on Iran's nuclear programme and sanctions relief. Talks were to begin in Geneva on Friday, but a diplomat familiar with the matter told CNN that Iran demanded guarantees the United States would ensure Israel halts attacks on Lebanon, as stipulated in the ceasefire covering all fronts. Israeli forces have continued operations in southern Lebanon, and Israel, which did not sign the agreement, has said it will maintain a buffer zone. US Vice President JD Vance cancelled his planned trip to meet Iranian negotiators, and the Swiss foreign ministry confirmed the meeting did not take place. Mediators from Pakistan and Qatar are working to resolve the issue.

On the water, a record volume of oil exited the strait immediately after the signing, but traffic diminished on Friday after a mine was sighted near Oman's coast, raising the risk of using the non-Iranian route. Iran has begun moving millions of barrels of previously blockaded crude from the port of Chabahar. The memorandum commits Iran to a 30-day technical timeline for mine clearance, while the US has suspended its naval blockade. The shipping industry, however, remains unsettled by the insurance requirement and the prospect of future fees, which Western governments view as an attempt to extract revenue from a passage that international law treats as open to all. With the 60-day clock already running, the suspension of talks leaves the broader ceasefire and the path to a permanent nuclear agreement in limbo.