Iran is looking to make billions of dollars from the re-opening of the Strait of Hormuz, the Wall Street Journal reported Thursday, citing officials familiar with the matter.
According to the officials, Tehran believes that the countries responsible for security, safety, and environmental services within the strait would earn over $40 billion a year.
Moreover, Iran is looking at Turkey's handling and taxation of the Dardanelles as a model for future management of the Hormuz, the officials claimed.
Iran has suggested the idea to other middle eastern countries as well as China, the officials said, adding that Tehran wants other countries in the region to take a part of the responsibility and revenue.
At the start of the war between Iran, the US, and Israel, Tehran effectively shut down all shipping through the Strait of Hormuz, demanding ships gain permission to traverse the strait, which connects the Persian Gulf to the Gulf of Oman.
Due to its location, the strait has been extremely important for oil and fuel shipments. In April, US President Donald Trump announced the US would also blockade the strait.
Control of Hormuz has been debated by the US and Iran
After months of nearly no shipping through the strait and the ensuing damage to the world economy, the US-Iran Memorandum of Understanding (MOU), signed in mid-June, effectively opened the Strait of Hormuz to regular traffic again.
According to the MOU, Iran and Oman will negotiate an agreement over the administration of the strait, in accordance with maritime law.
During US Secretary of State Marco Rubio's visit to the Gulf states this week, he made it clear that Iran would not be allowed to impose tolls on ships wishing to pass through the strait.
Amid similar reports in May of Iran planning to toll ships in the strait, Trump rejected the idea, commenting that "we don't want tolls."
This week, Trump said Iran had agreed not to impose tolls on the strait again.
"Iran has informed the US that, despite troublemaking Fake News reporting to the contrary, there are 'NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND BEING SOUGHT OR RECEIVED BY IRAN ON SHIPS TRAVELING THE STRAIT OF HORMUZ,'" he wrote in a Truth Social post.