New Delhi, April 1 -- Iranian parliamentary commission has approved plans to impose tolls on vessels transiting the Strait of Hormuz.

According to state media, the proposal includes financial arrangements in local currency, cooperation with Oman, and It also included the "prohibition of Americans and the Zionist regime from passing through", as well as a ban on other countries imposing sanctions on Iran.

The Strait of Hormuz is one of the world's most critical maritime routes, carrying nearly a fifth of global crude oil and liquefied natural gas in peacetime. But since the West Asia war erupted, crossings have dropped by 95 percent.

This sharp decline has rattled global energy markets, highlighting how vulnerable the world economy beco...