US Tries to Convince Iran to Abandon Strait of Hormuz Toll Collection on July 1

According to U.S. officials on July 1, the U.S. is attempting to persuade Iran to abandon toll collection on the Strait of Hormuz. An official stated that accepting the American proposal would yield greater benefits for Iran—if the U.S. lifts all sanctions, Iran's revenues from developing and selling oil and other resources would exceed toll collection revenue by approximately 100-fold.

On June 28, the U.S. and Iran reached a preliminary understanding to ease tensions in the strait for one week to advance implementation of a memorandum of understanding, according to reports.