US Secretary of State Rubio: Reiterates criticism against Iran’s toll plans near Hormuz
United States (US) Secretary of State Marco Rubio reiterates after meeting with leaders from Gulf nations that Iran’s toll system near the Strait of Hormuz, a vital passage to almost 20% of global energy supply, is unacceptable. Rubio also stated earlier in the day, "Hormuz tolling would set an unacceptable precedent." He also expressed that Gulf countries are not in favor of the recognition of Iran’s authority near Hormuz.
Remarks
Had a really good meeting with the Gulf countries.
We won't do anything that undermines Gulf partners.
Zero support among Gulf countries for tolling in Hormuz.
Iran MOU addresses interference in other countries.
Iranians will continue making maximalist announcements.
We look at actions, not rhetoric, from Iran.
A tolling system in Hormuz isn't even workable.
Fees' and 'tolls' are the same thing.
I'm not aware of Iran funds held by Qatar being transferred.
Reconstruction fund for Iran was not discussed with Gulf countries.
The Iranian system continues to be led by radical clerics.
Trump has multiple options if it doesn't work out with Iran.
Relationship with Oman is fine.
Omanis said they are not in favor of a tolling system for the Strait of Hormuz.
Market Reaction
No immediate response seen in oil prices. At press time, the WTI Oil price trades 0.3% lower to near $69.50.
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