Geopolitical tensions escalate shipping costs and uncertainty. Iran's IRGC has reportedly implemented a de facto toll system in the Strait of Hormuz, requiring vessels to submit documentation, obtain clearance codes, and accept escorted passage through controlled corridors. Since March 13, twenty-six vessels have followed this vetting scheme, with no traditional route transits recorded since March 15. India's Shipping Ministry firmly rejected these toll claims as baseless, asserting that international conventions guarantee freedom of navigation through the strait. Global regulations explicitly prohibit levies on vessels crossing international waterways. This escalation threatens critical shipping routes and could impact crude oil prices and global supply chains.
