Gulf states back Iran Hormuz fee plan as sanctions bite

As US sanctions pressure Iran's economy, Gulf states have backed a plan allowing Iran to collect voluntary fees from ships using the Strait of Hormuz, according to reports on July 28, 2026. The proposal, presented by Oman to Iran, would give Tehran greater control over the strategic waterway. US officials say sanctions are proving more effective than military action, and Iran is described as desperate for cash. Meanwhile, South Korea is monitoring global oil supply chains as the US confirms talks with Iran are underway.