In a development that has stunned the global diplomatic and shipping communities, U.S. President Donald Trump confirmed yesterday that his administration is considering a “joint venture” with Iran to manage transit tolls in the Strait of Hormuz.
The proposal, which emerged on April 8, 2026, follows a shaky two-week ceasefire mediated by Pakistan and China. If enacted, it would represent a radical departure from decades of international maritime law, which generally classifies the strait as an international waterway that must be free of transit fees.
1. The “Joint Venture” Concept
During an interview with ABC News, President Trump framed the collection of tolls not as a concession to Iran, but as a commercial business model to secure the region.
- Security as a Service: Trump suggested that the U.S. and Iran could co-manage the strait, charging a fee to ships in exchange for “securing it from lots of other people” and ensuring safe passage.
- Economic Incentive: The President reportedly described the idea as a “beautiful thing,” implying that the revenue could help pay for the cost of U.S. military presence and Iranian reconstruction post-war.
- The “Traffic Buildup”: Trump also posted on Truth Social that “big money” could be made by the U.S. “helping with the traffic buildup” in the waterway, which currently has roughly 2,000 ships stranded due to the conflict.
2. Iran’s “10-Point Plan” and Toll Demands
The joint venture proposal appears to be a direct response to a 10-point ceasefire proposal submitted by Tehran earlier this week.
| Iranian Demand | Proposed Toll Structure |
| Control of the Strait | Iran demands exclusive military management of the waterway. |
| Transit Fees | Reports suggest Iran wants to charge up to $2 million per ship. |
| Payment Method | Tehran has floated the idea of accepting these tolls in cryptocurrency. |
| Revenue Usage | Iran claims the funds would be used for “reconstruction” of infrastructure destroyed in the recent U.S./Israeli strikes. |
3. Diplomatic and Legal Firestorm
The news has triggered an immediate and fierce backlash from both domestic lawmakers and international bodies.
- Cataclysmic Precedent: Democratic Senator Chris Murphy called the prospect of giving Iran control or tolling rights “cataclysmic,” noting that it upends the UN Convention on the Law of the Sea (UNCLOS).
- NATO Friction: Trump’s musings about the joint venture coincide with reports of him considering a U.S. withdrawal from NATO, after member countries reportedly ignored his calls to help reopen the strait.
- The “Shaky” Truce: The talks are already under threat. On Wednesday night, Iran reportedly re-closed the strait briefly in response to continued Israeli strikes in Lebanon, which the U.S. maintains are a “separate skirmish” not covered by the Iran ceasefire.
4. Market Impact: “The Peace Premium”
The mere talk of a joint venture and the reopening of the strait—even with a toll—has sent shockwaves through the energy markets.
- Oil Crash: Brent crude prices plummeted 15% in a single day, dropping to $93/bbl on hopes that the 20 million barrels of oil currently “trapped” in the Persian Gulf might soon reach the market.
- Insurance Costs: Maritime insurance premiums for the region remain at “war-risk” levels, as ship operators are hesitant to believe that a JV between two warring nations can provide genuine security.
5. What Happens Next?
The formal negotiations for this potential “business venture” and the solidification of the truce are scheduled to begin this Friday, April 10, 2026, in Islamabad, Pakistan.
- The U.S. Delegation: Expected to be led by Vice President J.D. Vance, Steve Witkoff, and Jared Kushner.
- The Red Line: Despite the talk of a commercial partnership, the White House has made it clear that uranium enrichment remains a “hard no.” As Trump told ABC News: “There won’t be any enrichment.”
“We are thinking of doing it as a joint business venture,” Trump noted. “It’s a way to secure the Strait of Hormuz and also make it safe from a lot of other people. It’s a beautiful thing.”