Strait of Hormuz Tolled, Iran's Potential for Sudden Wealth

REPUBLIKA.CO.ID, TEHRAN – Attacks by the United States (US) and Israel have prompted Iran to impose tolls for transit through the Strait of Hormuz, which was previously free for international ships. If implemented, this toll would bring significant profits to Iran. Yahya Al-e Eshagh, chairman of the Iran-Iraq Joint Chamber of Commerce, stated that Iran could theoretically generate $70 billion to $80 billion per year from the Strait of Hormuz by charging fees for services provided there. If applied, this could exceed Iran’s oil export revenues. Data cited by Caspian Post shows Iran earned $41.1 billion from oil exports in 2023, rising to $46.7 billion in 2024. Speaking to the Iranian Labour News Agency (ILNA), he said Iran could “at least” collect a 10% fee on the price of oil transiting Hormuz based on maritime law for services in the strait, which accounts for 20% to 30% of global trade. Hugo Dixon, a Reuters columnist, estimated that Tehran could obtain $500 billion over the next five years. This amount could be collected while parties objecting are forced to build new pipeline networks. Even a fraction of that sum would bring the country regional dominance. This would allow the IRGC to rebuild its military. At least two ships transiting the Strait of Hormuz have paid Iran for safe passage, Lloyd’s List Intelligence reported on Monday, noting that commercial traffic is increasingly shifting to Iranian territorial waters through what is dubbed the “Tehran Toll Gate.” The route stretches between Qeshm and Larak islands in Iran, where the Islamic Revolutionary Guard Corps is known to verify ship details and, in some cases, collect fees. One ship reportedly paid $2 million, the report said.