The proposal follows Iran's announcement that it plans to levy transit fees on ships using the Strait of Hormuz, a key route for nearly 20 per cent of global energy trade.

Iran proposes joint Hormuz toll plan with Gulf neighbours to share $40 billion revenue

Tehran has rejected claims that discussions on its nuclear programme are underway and said it has not agreed to readmit International Atomic Energy Agency inspectors.

Despite Iran's denial, Trump says Tehran agreed to nuclear inspections; Rubio rejects Hormuz tolls

Earlier in the day, Iran's military announced a renewed closure of the Strait of Hormuz, raising pressure on a fragile truce already strained by allegations of Israeli ceasefire violations in southern Lebanon.

Ceasefire cracks widen: Israeli strikes kill 7 in Lebanon after Iran shuts Hormuz

Iranian Foreign Ministry spokesperson Esmail Baghaei described the strike as an act of "armed robbery and State piracy", while the International Maritime Organisation called for a full and transparent investigation into the incident.

Iran condemns US strike that killed three Indian sailors; International Maritime Organisation calls for investigation

Tehran said the new authority will issue operational updates and provide information on developments related to the strategic waterway.

Iran announces new regulatory body to manage Strait of Hormuz operations

Trump set to arrive in Beijing on Wednesday for his first China visit since 2017 amid talks overshadowed by the Strait of Hormuz blockade and the global energy crisis.

Iran to feature prominently during Xi-Trump summit: Where do US and China stand on Hormuz issue?

Gas prices have soared over 50% since the start of the Iran war on Feb. 28, hitting a high of over $4.52 on Sunday, according to AAA. Analysts say the prices are likely to remain high with Iran blocking access to the Strait of Hormuz.

Trump says he intends to suspend gas tax ‘for a period of time’ as pump prices soar in US

Iran warned Britain and France against deploying warships to the Strait of Hormuz, threatening a “decisive response,” as Paris and London push for a maritime security coalition.

‘Will not allow any country to interfere’: Iran warns France, UK against any Hormuz deployment; Macron says ‘never envisaged’ it

Trump’s war-themed social media posts came amid a fragile ceasefire between the United States and Iran, with both countries continuing to enforce rival blockades in the Strait of Hormuz. 

'Bye bye, drones': Trump floods truth social with AI Iran war images, LIV Golf photos

A confidential CIA assessment shared with American policymakers reveals that Iran could sustain the ongoing US naval blockade in Strait of Hormuz for months.

Iran has capabilities to sustain US naval blockade in Hormuz for months: Report