Iran Imposes $2 Mn Fee on Select Ships in Strait of Hormuz — Here’s Why

Iran is planning to assert control over the Strait of Hormuz, a vital global shipping route, by charging some vessels a very high fee of $2mn (around ₹18.8 crore) to pass through it. This comes amid rising tensions with the United states and Israel.

According to Reuters, Iran on March 23 warned that it would strike energy and water infrastructure across the Gulf if US President Donald Trump follows through on his threat to attack its electricity grid, raising fears of mass disruption in a region heavily dependent on desalination for drinking water.

Trump set a deadline of around 7.45 pm EDT (23.45 GMT) on March 23, warning late on March 21 that United States would strike Iran’s power plants unless Tehran fully reopened the Strait of Hormuz within 48 hours.

Oil prices opened choppy in Asian trading due to the potential for tit-for-tat strikes on civilian infrastructure.

Tehran has continued to show that it is capable of retaliation despite more than three weeks of intense US and Israeli bombardment, which officials claim has significantly diminished Iran's missile capabilities.

Overnight on Sunday, air raid sirens warned of impending Iranian missiles in several areas of northern and central Israel, including Tel Aviv and the occupied West Bank.

Oil Tanker Firm Paid $2 Mn

Meanwhile, an oil tanker operator reportedly paid Tehran a $2mn fee for safe passage through the Strait of Hormuz. Iran is now charging “favoured” countries millions of dollars per oil tanker for safe passage, even as gasoline prices have crossed $8 a gallon in some US pumps.

Citing Lloyd’s List, Independent reported that Tehran was considering allowing passage for some ships unaligned to the US or Israel, opening a potential rift between Washington and other countries.

Reports say that India, Pakistan, Iraq, Malaysia, China and other nations that are reeling under the ongoing oil blockade—are understood to be in direct negotiations with the Islamic Republic to secure a de-facto safe transit of their tankers. It is part of a new vetting and registration system run by the regime’s Islamic Revolutionary Guard Corps (IRGC).

Strategic Oil Lifeline

According to the US Energy Information Administration, 20% of the world's oil trade passes through the Strait of Hormuz every day, making it one of the most important energy corridors in the world.

Any disruption, whether through conflict, blockades, or new transit controls, can cause sharp spikes in oil prices, disrupt supply chains, and increase global economic volatility, according to the International Energy Agency report published in March 2026.