Iran's national security committee has approved a bill to formally charge ships for crossing the Strait of Hormuz, after already reportedly collecting up to $2 million per vessel on an ad hoc basis. The chokepoint carries roughly a fifth of the world's seaborne crude oil, and traffic through it has dropped by approximately 95% since fighting began in February.
Iran's National Security and Foreign Policy Committee has approved a bill imposing formal transit fees on commercial ships crossing the Strait of Hormuz. Authorities have already been collecting payments on an ad hoc basis since early March, reportedly demanding as much as $2 million per vessel, and the bill still needs full parliamentary approval.
According to Crypto Briefing: officials are framing the charges as "service fees" rather than tolls, but the label changes little for shipowners writing seven-figure payments.
Traffic through the strait has collapsed
The Strait of Hormuz carries roughly 20% of the world's seaborne crude oil and natural gas. That traffic has cratered since conflict broke out on February 28, 2026, with shipping volumes through the strait dropping by approximately 95% after hostilities began. Reports indicate payments collected since early March have been made in Chinese yuan, pointing to which trading relationships Iran now leans on amid tightening Western sanctions.
From ad hoc payments to formal authority
The committee vote extends an effort to institutionalize Iran's control over the strait. In May 2026, Iran established the Persian Gulf Strait Authority to manage vessel approvals and fee collection. Iran then eased the pressure with a 60-day fee waiver that began in June 2026 and expired around mid-August, after which the fees returned.
Iranian lawmakers reviewed even more aggressive proposals in August, considering fee structures of 5-7% of cargo value and provisions to ban vessels linked to the US, Israel, and other adversaries. By comparison, transit fees through the Suez Canal typically run in the hundreds of thousands of dollars per passage.
Oman talks lose momentum
The fee push also appears to be complicating Iran's separate negotiations with Oman over managing the strait. Prediction markets tracked by Vera show confidence in a Hormuz management agreement between Iran and Oman by August 31 falling to 5.5% YES. The odds of Iran formally charging Hormuz fees by the same date have also slipped, to 3.5% YES.
For oil producers in Saudi Arabia, Iraq, Kuwait, Qatar, and the UAE, Hormuz remains effectively the only viable export route, so any new costs or restrictions there tend to feed straight into oil prices.
Sources: Crypto Briefing, Crypto Briefing
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