India, Aug. 6 -- An Iranian parliamentary committee is reviewing a preliminary bill that would formally bar United States, Israeli and other "hostile" vessels from transiting the Strait of Hormuz, according to Iran's semi-official Fars news agency, in a move that risks reigniting one of the year's most consequential maritime standoffs.

The draft legislation would impose fines of up to 20 per cent of a ship's cargo value on vessels found in violation of the proposed restrictions, Fars reported, citing an unnamed Iranian lawmaker. The lawmaker said the bill remained under expert review, with parliament having invited specialists to submit recommendations before a final version is drafted, according to Reuters reporting carried by Al-Monito...