The Iranian government has established a new maritime control system requiring prior authorization and, in some cases, fees for vessels navigating the Strait of Hormuz to ensure safe passage.
Key points
- The Islamic Revolutionary Guard Corps (IRGC) is leading the inspection and authorization process for vessels.
- Vessels are prioritized based on their country of origin and diplomatic relations with Tehran.
- Some shipping operators have reportedly paid over $150,000 to secure passage through the waterway.
- The U.S. Department of the Treasury has warned that foreign companies may face sanctions for negotiating such payments directly with the Iranian regime.
Why it matters
The Strait of Hormuz is a critical global chokepoint through which approximately 20% of the world's oil supply passes, making these new controls a significant escalation in regional maritime security.