According to CoinMeta, Iran’s foreign minister dismissed on Sunday the new sanctions threats announced by the United States, calling them a sign of Washington’s desperation. With shipping through the Strait of Hormuz almost at a standstill, Iran’s parliament is advancing a bill that plans to charge transit vessels for navigation, environmental, fuel, insurance, and security fees, indicating that Tehran is moving towards formal, monetized control over this waterway. Analysts believe that if China, as Iran’s largest buyer of crude oil, begins to comply with U.S. pressure, it could lead to changes on the supply side. Regardless of the outcome of the sanctions on Monday, freight and insurance costs through the Strait of Hormuz are expected to remain high. The market will also be watching Pakistan’s mediation efforts in search of possible diplomatic solutions.