Iran Tightens Grip on Strait of Hormuz, Sparks Global Energy Crisis and Oil Price Surge

Dubai/Tehran: Global markets are facing a severe after Iran reportedly imposed strict control over the Strait of Hormuz, introducing an informal “toll system” that has disrupted nearly 20% of the world’s oil and gas supply.

According to international shipping reports, crude oil prices have surged by nearly 40%, crossing $100 per barrel amid fears of prolonged supply disruptions.

‘Toll Booth’ System Raises Concerns

Reports suggest that Iran’s Islamic Revolutionary Guard Corps has established a multi-layered monitoring and clearance mechanism for vessels passing through the strait.

Shipping companies are allegedly required to:

Coordinate with intermediaries linked to Iranian authorities
Submit detailed cargo and crew information
Obtain a special clearance code
Navigate through designated routes under Iranian escort near Larak Island

Some regional media outlets claim that fees of up to $2 million per vessel are being demanded, with certain countries reportedly receiving preferential treatment. There are also indications that payments are being facilitated in Chinese yuan.

Shipping Bottleneck and Global Impact

Due to the narrow width of the strait—approximately 21 nautical miles—Iran’s control has created a major bottleneck. The International Maritime Organization estimates that over 2,000 vessels are currently waiting to pass, severely disrupting global supply chains.

Strong Reaction from Energy Sector

Abu Dhabi National Oil Company has condemned the move, with its chief Sultan Al Jaber describing the situation as “economic terrorism.” He warned that the الأزمة could drive up not only fuel prices but also the cost of food and medicines worldwide.

Legal and Strategic Dimensions

While international maritime law under United Nations Convention on the Law of the Sea guarantees freedom of navigation, Iran has not ratified the agreement, allowing it to justify such measures under national security grounds.

Risk of Global Recession

Energy experts warn that if the disruption continues for several weeks, the world could face one of the worst energy crises in decades, potentially triggering a global recession. Shipping firms are already considering longer alternative routes around the Cape of Good Hope, significantly increasing transportation costs and delivery times.

The evolving situation in the Strait of Hormuz is being closely monitored, as it carries far-reaching implications for global trade, energy security, and economic stability.