Investing.com -- An Iranian parliamentary committee is examining a preliminary bill that would prevent U.S., Israeli and other vessels deemed hostile from passing through the Strait of Hormuz, according to Iran's semi-official Fars news agency, which cited a lawmaker.

The proposed legislation includes fines reaching up to 20% of a ship's cargo value for any violations of the transit restrictions.

The lawmaker stated that the bill remains under expert review. Parliament has asked specialists to provide recommendations before completing the final version of the draft.