Iran has become a potent force in global trade by threatening to close the strategic Strait of Hormuz waterway, and now it’s seeking to turn this leverage into a lucrative source of revenue. By demanding recognition of its sovereignty over the strait, Iran aims to establish a tolling system that could disrupt global energy markets.
The narrow waterway, which handles 20% of the world’s oil and LNG shipments, has emerged as a critical pressure point for the global economy. Iranian attacks on shipping have brought trade flows to a near halt, forcing countries to take emergency measures to secure fuel supplies.
Experts warn that Iran could establish a tolling system that would gain international acceptance, potentially generating billions of dollars in annual revenue. The potential earnings could rival those generated by Egypt’s Suez Canal, with revenues estimated at over $600 million per month from oil alone.
Iran is using its non-membership to the UN Convention on the Law of the Sea (UNCLOS) to bolster its case for establishing a tolling system. However, international law experts argue that this is a violation of customary international law and would require significant changes in global maritime regulations.
As tensions rise, countries are scrambling to secure transit for their tankers, with some governments engaging directly with Tehran to negotiate safe passage. The shipping industry remains paralyzed, with over 20 vessels using a new corridor through the strait, including at least two that reportedly paid to do so.
The stakes are high, with Washington warning of the dangers of allowing Iran to impose tolls on the Strait of Hormuz. The US Secretary of State has called for an international plan to confront this threat, emphasizing the need for safe and toll-free freedom of navigation through the strait.
Source: https://edition.cnn.com/2026/03/28/middleeast/iran-strait-of-hormuz-toll-intl