Newsletters
Iran has begun collecting money from vessels transiting the Strait of Hormuz, with the first payments now deposited into the country’s central bank, a senior lawmaker confirmed Thursday.
Hamidreza Hajibabaei, deputy speaker of parliament, announced that the initial revenue from the newly imposed toll system had been received and transferred to the central bank, according to local Tasnim news agency..
The move follows weeks of disruption in one of the world’s most critical energy corridors after conflict erupted on Feb. 28 with joint U.S.-Israel strikes. In response, Tehran tightened control over the Strait of Hormuz, a chokepoint that typically handles about one-fifth of global oil supply.
Shipping activity slowed sharply as tensions escalated, cutting regional exports by about 10 million barrels and pushing oil prices toward $120 per barrel at one stage. Prices have since eased but remain elevated, hovering around $100.
Iran began allowing limited transit for ships willing to comply with new conditions, including paying significant fees. In one reported case, a tanker paid as much as $2 million to pass through the strait.
Tehran later formalized the approach, introducing a structured toll system that applies to vessels seeking safe passage. Under the plan, ships must submit detailed information about cargo, ownership, and destination before receiving approval.
For oil tankers, the cost can reach $2 million per voyage, based on a minimum charge of $1 per barrel for typical shipments of around 2 million barrels. Payments are reportedly accepted in Chinese yuan or cryptocurrency.
Once cleared, vessels are escorted by Islamic Revolutionary Guard Corps (IRGC) units along designated routes near Iran’s southern coastline.
Ships linked to countries including Malaysia, China, Egypt, South Korea, and India have already transited the strait under the new framework, although it remains unclear which of them paid the toll.
Following a ceasefire aimed at restarting negotiations in early April, U.S. President Donald Trump called on Iran to stop charging ships for passage through the Strait of Hormuz, warning, "There are reports that Iran is charging fees to tankers going through the Hormuz Strait — they better not be and, if they are, they better stop now!"
Iran has framed the toll system as part of a broader post-conflict plan. Reports suggest the proposal is included in a 10-point peace initiative, allowing Iran and Oman to charge transit fees, potentially to fund reconstruction efforts.
Set as preferred source
Set as preferred source
1 min read
1 min read
