Iran has begun charging some commercial vessels up to $2m per trip to transit the Strait of Hormuz, Bloomberg reported, citing people familiar with the matter, effectively imposing an informal toll on the world’s most critical energy chokepoint. As the conflict involving Iran enters its fourth week, the move underscores the urgency for some consumers to ensure the continued flow of energy. The conflict has nearly halted transit through the Strait, forcing Gulf producers to curtail millions of barrels of daily oil production. Market participants are currently monitoring tanker movements in the Strait more closely than official statements, according to Bloomberg data. The average volume for the same period over the previous five trading days was approximately 700 contracts, or 700,000 barrels.

Source: Daily News Egypt March 24, 2026 19:25 UTC