As efforts to reopen the Strait of Hormuz drag on, pressure is mounting for a solution to be found.
John Denton, secretary general of the International Chamber of Commerce (ICC), believes the breakthrough may lie in a proven model. After helping broker the Black Sea Grain Initiative in the wake of Russia’s invasion of Ukraine in 2022, the ICC, which represents more than 170 countries, has helped develop a similar neutral framework for the Gulf.
The proposed mechanism establishes a practical framework for the registration, monitoring, verification, and reporting of vessel movements through the strait, with an initial focus on fertilizers and related raw materials.
“This is not the first time we’ve been involved in coming up with a mechanism which can reopen a trade route in the midst of conflict,” Denton told Fortune.
“The logic behind that deal was an exchange of incentives; Ukraine gained the ability to move wheat and sunflower products, while Russia gained the ability to move fertilizer. Whereas, at the moment, what we’re seeing with the Iran conflict is that the only way of exchanging incentives is escalation, which is not going to get us to a peaceful reopening of Hormuz. And that’s where we think our neutral governance mechanism could prove decisive.”
The mechanism, as currently proposed, would have a dedicated task force led by the executive director of the United Nations Office for Project Services (Unops) Jorge Moreira da Silva. It would include representatives from the UN Conference on Trade and Development (Unctad) and the International Maritime Organization (IMO).
Read more [paywall removed for Redditors]: https://fortune.com/2026/08/04/confusion-reigns-over-hormuz-fortune-exclusive-access-un-backed-plan-to-reopen-the-strait-icc/?utm_source=reddit/
https://fortune.com/2026/08/04/confusion-reigns-over-hormuz-fortune-exclusive-access-un-backed-plan-to-reopen-the-strait-icc/?utm_source=reddit/
2 Comments
While I support this effort and wish them success, I don’t see how this situation is comparable to the Black Sea deal.
Iran intends to toll the straight, full stop. They plan to enforce that toll with violence. This condition is not at all compatible with some deal that allows free navigation of the seas. They are attempting to annex the waterway permanently as a source of leverage over their enemies and neutral parties alike.
What can the UN give them that is at all compatible with the UN’s Convention on the Law of the Sea?
The only way i can see this working is as a triggering event wherein Iran sinks a UN-‘verified’ vessel and causes some global coalition to be formed to retaliate and reopen the straight permanently.
I read this as “As Confucius reigns over Hormuz”. Was confused for a second.
Now I kind of wish that is true. Probably would have been a lot calmer.