"Ishaq Dar described Iran's decision as a harbinger of peace, which could help restore stability to a region on the edge, hailing it as a welcome and constructive gesture."
"The Strait of Hormuz is not an oil chokepoint; it is the aortic valve of globalised production and like any valve, when it fails, the entire circulatory system collapses."
"As an estimated 2,000 vessels are stranded on either side of the narrow waterway, oil has surged past $100 a barrel, up by roughly 40 percent."
"Ships seeking passage must submit their cargo details, crew lists and destinations to IRGC-approved intermediaries, receive a clearance code, and be escorted through Iranian territorial waters."
Iran has agreed to permit 20 Pakistani-flagged vessels to transit the Strait of Hormuz, a significant step towards alleviating a severe energy crisis. Pakistan's foreign minister announced that two ships would cross daily under this arrangement. This decision is viewed as a harbinger of peace and stability in a region affected by conflict. The Strait of Hormuz has been largely shut due to recent military actions, causing oil prices to surge. The Iranian Revolutionary Guard Corps has implemented strict controls over maritime passage in the area.
Read at www.aljazeera.com
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