Iran has limited the number of vessels allowed to pass through the Hormuz Strait during a two-week truce to roughly ten ships, with tolls payable in cryptocurrency or Chinese yuan. Ships must coordinate with Iran’s IRGC, and overall throughput has plunged, as only four vessels cleared the strait on the most recent tally. UNCLOS guarantees universal freedom of passage for natural straits, complicating any unilateral toll scheme.
The Hormuz Strait accounts for about 20% of global oil and LNG shipments, making the dispute highly strategic. Iran contends that mines laid along the route require military coordination for safe navigation, and even permissive passages come with restricted routes. Industry sources say tolls for ultra-large tankers could reach up to $2 million, signaling significant cost implications if flows resume.
Nearby, seven domestic refineries’ tankers, totaling roughly 14 million barrels, are waiting to transit. A resumption could provide near-term relief to domestic supply, but ongoing uncertainties around passage conditions and security are likely to keep supply-chain risk elevated in the near term.
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