Iran Charges Ships Up to $2M for Strait of Hormuz Transit

Iran has introduced a new scheme requiring ships transiting the Strait of Hormuz to pay up to $2 million, according to a report by Mehr News Agency citing Press TV. Mohsen Zanganeh, a member of parliament’s Planning and Budget Commission, confirmed the arrangement on Sunday, as quoted by Fars News Agency.

The scheme is being implemented by a body formed in cooperation with the Ministry of Economy and operating under the supervision of Iran’s Supreme National Security Council. Not all payments are made in cash; some are settled through goods, services, or cryptocurrencies such as Tether, or barter arrangements. The collected revenues are deposited into the national treasury and spent in accordance with the state budget.

The report comes as authorities previously said they were developing a regulatory framework to charge vessels for maritime safety and environmental services. According to economic analysts, the maximum potential annual revenue from transit fees could reach around $7.5 billion, but the real significance of the waterway lies in its strategic position rather than the direct income it generates.

According to International Energy Agency estimates cited in the report, a complete closure of the waterway could remove around 16 million barrels of oil per day from global markets. As a major transit point for about 20 percent of global oil and liquefied natural gas shipments, the Strait has experienced unprecedented disruption over the past months.

This follows the Islamic Revolution Guard Corps (IRGC) restricting access for aggressors and their allies after the US-Israeli attack on Iran on February 28. In recent weeks, Iran has set up a new organization called Persian Gulf Strait Authority to vet ships and their cargoes and prevent hostile countries from using the Strait. Tehran says it is prepared to gradually ease restrictions if it receives firm guarantees that US-Israeli attacks will not resume and that sanctions and the illegal blockade imposed by Washington on Iranian ports will be lifted. Iranian officials, however, have indicated that shipping conditions in the Strait will not return to their pre-war status, and restrictions will continue to apply to vessels owned by or affiliated with hostile states.

According to Mehr News Agency, the report highlights the strategic importance of the Strait of Hormuz and Iran's new measures to assert control over the waterway.