Iran has effectively blocked the Strait of Hormuz in response to the United States-Israel war, triggering one of the worst global energy crises in decades. Nearly 2,000 vessels are stranded near the narrow passage, which handles about 20 percent of the world’s oil and gas shipments. Iranian media reported that parliament is preparing legislation to collect tolls from ships transiting the strait, while the Islamic Revolutionary Guard Corps (IRGC) has already implemented a 'toll booth' system requiring vessels to undergo vetting and pay fees for safe passage.
According to reports, some ships have paid up to $2 million to transit, and a few transactions were made in Chinese yuan. Iran insists that collecting such fees is justified to ensure maritime security, while critics, including the Abu Dhabi National Oil Company’s CEO, have condemned the move as 'economic terrorism.' Legal experts note that under the United Nations Convention on the Law of the Sea, all ships enjoy the right of transit passage, but Iran has not ratified the treaty.
The blockade has driven oil prices above $100 per barrel, forcing Asian countries to ration fuel and cut industrial output. Iran has allowed limited passage for vessels from friendly nations, including China, India, and Malaysia, while maintaining restrictions on U.S. and allied ships.
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