Pakistan Secures Iran Deal for 20 Ships to Transit Strait of Hormuz

Iran has agreed to permit 20 Pakistani-flagged vessels to transit the Strait of Hormuz, a crucial waterway for global oil supplies. This development is seen as a significant step towards alleviating the severe energy crisis affecting the region.

Pakistan's Foreign Minister, Ishaq Dar, announced the agreement, stating that two ships will cross daily under the arrangement. He described Iran's decision as 'a harbinger of peace' and a 'welcome and constructive gesture'.

The Strait of Hormuz has been effectively shut since the United States and Israel launched coordinated strikes on Iran on February 28, triggering a war that has resulted in significant loss of life and disruptions to global markets. The conflict has killed about 2,000 Iranians and over 1,100 people in Lebanon.

The strait is a critical passage for oil supplies, with an estimated 2,000 vessels stranded on either side. This blockade has caused oil prices to surge past $100 a barrel, up by roughly 40 percent. The Islamic Revolutionary Guard Corps (IRGC) has turned the strait into a checkpoint, requiring ships to submit cargo details and receive clearance codes.

At least two vessels have reportedly paid $2 million per crossing, settled in Chinese yuan, to secure passage. Iran's parliament is now moving to legalize this arrangement as a potential source of revenue.

This agreement is the result of intense Pakistani diplomacy, with Army Chief Field Marshal Asim Munir speaking to US President Donald Trump and Foreign Minister Dar holding calls with his Iranian and Turkish counterparts.