The Hormuz customs house

Lloyd's List Intelligence reported that at least two vessels paid significant sums to Iran to cross the Strait of Hormuz. Iran's parliament is preparing legislation to formalise the collection of tolls and duties from ships and tankers transiting the strait, treating the waterway as a standard transit corridor. The secretary-general of the Gulf Cooperation Council said Iran is already charging for safe passage, in violation of international law.

Before the war, roughly 130 vessels crossed Hormuz each day. Now six or fewer pass, in coordination with Iran. The transformation is striking: from military blockade to transit monopoly. Iran did not close the strait forever. It closed it to everyone except those who pay. It is a de facto nationalisation of the most important maritime route in global energy trade.

An analyst at Rabobank noted that Tehran's position leaves "the ball firmly in their court," because as long as Hormuz remains closed, Iran can dictate the terms of any resolution. The 34-kilometre-wide strait has become the most powerful negotiating tool Iran has ever possessed. It does not need to win the war. It only needs to control the tap.