In a bold move signaling tighter control over one of the world’s most strategic waterways, Iran has started charging commercial vessels up to $2 million for safe passage through the Strait of Hormuz, Bloomberg reports. The Strait, which links the Persian Gulf to the Gulf of Oman, is a critical artery for global oil and gas shipments, with nearly 20% of the world’s crude oil passing through it.
According to Iranian officials, these fees apply to select ships, particularly those considered at higher risk, while authorities have assured that “non-hostile” vessels may still transit the strait under proper coordination. An Iranian lawmaker confirmed the charges, describing them as a reflection of Tehran’s growing influence and control in the region amid ongoing geopolitical tensions.
The move comes at a time of heightened regional instability, with military and political conflicts in the Middle East raising global concerns about trade security. Shipping companies have already reported increased insurance costs and delays, as the Strait of Hormuz is one of the narrowest and most vulnerable maritime chokepoints in the world.
Energy markets reacted swiftly to the news, with oil prices experiencing a temporary spike as traders weighed the potential impact on global supply chains. Analysts say the development could pressure countries dependent on Gulf oil to seek alternative routes or negotiate directly with Iran for safe transit.
While Iran frames the fees as part of its sovereignty over its territorial waters, the international community is closely monitoring the situation, warning that any disruption in the strait could have serious consequences for global trade and energy security.