Iran's control of the Strait of Hormuz is formalizing into a toll booth system.

Iran's control of the Strait of Hormuz is formalizing into a toll booth system. The world's most critical oil shipping route has seen traffic collapse by 90% since March, with only 150 vessels transiting compared to normal daily volumes exceeding 1,000. Ships must now navigate Iranian territorial waters, submit to vetting by the Islamic Revolutionary Guards Corps, and pay tolls in Chinese yuan for safe passage. At least two vessels have already paid. Global oil prices have skyrocketed from the disruption, creating severe shortages across Asian nations dependent on Persian Gulf oil. Iran's own exports remain largely unchanged at 1.6 million barrels monthly, primarily flowing to Chinese private refineries avoiding U.S. sanctions. The shift has reshaped transit patterns, with Iran-affiliated vessels now accounting for 90% of recent crossings.