Iran has officially moved to monetize its control over the Strait of Hormuz, the world’s most critical oil transit chokepoint. According to state-run Press TV, Hamid-Reza Haji-Babaei, Vice Speaker of the Iranian Parliament, confirmed today that the first batch of "transit fees" collected from vessels passing through the strait has been deposited into the Central Bank of Iran.
Strategic Leverage and New Legislation
This development follows Iran’s military blockade of the strait in late February, an action taken in response to attacks by the U.S. and Israel. Iran has since allowed limited passage to non-hostile vessels under the condition of paying for "security services."
To solidify this practice, the Iranian Parliament’s National Security and Foreign Policy Committee recently passed the "Law on Establishing Iranian Sovereignty over the Strait of Hormuz." The legislation mandates that all passing vessels obtain prior authorization and pay fees exclusively in Iranian Rials. Furthermore, the law grants authorities the power to seize non-compliant vessels and confiscate approximately 20% of their cargo value.
Market Impact: A $2 Million Toll for Supertankers
While official rates remain undisclosed, industry analysts estimate the toll at approximately $1 per barrel for tankers. For a Very Large Crude Carrier (VLCC), this translates to a staggering $2 million (approx. 3 billion KRW) per transit.
The international community is watching with growing concern. With nearly a fifth of the world’s oil consumption passing through this narrow waterway, Iran’s move to demand "passage money" under the threat of seizure is expected to disrupt global maritime order and send shockwaves through the energy and logistics sectors. Experts warn that these costs will inevitably be passed down to consumers, fueling global inflationary pressures.
[Copyright (c) Global Economic Times. All Rights Reserved.]
