Iran has said that it has established a new regulatory body, which will oversee and manage operations in the Strait of Hormuz, the narrow waterway that handles one-fifth of the world’s crude oil trade.
Confirming the development, Iran’s Supreme National Security Council has reposted an announcement on a social media platform and wrote that the Persian Gulf Strait Authority’s (PGSA) official account is active.
This signals a formal establishment of an authority that will be responsible to monitor developments and coordinate operations in the strait. The vessels, as per PGSA’s system, will have to adhere to PGSA’s directives and obtain transit permits to enter the strait.
The development comes amidst ceasefire between the US-Israel-Iran conflict in West Asia and de-facto closure of the Strait of Hormuz by Iran
