IRGC Chokes Hormuz Shipping, Charging Up to $2 Million per Transit After 20% Oil Route Shuts
Updated
Updated · Brookings Institution · Jun 8
IRGC Chokes Hormuz Shipping, Charging Up to $2 Million per Transit After 20% Oil Route Shuts
3 articles · Updated · Brookings Institution · Jun 8
Summary
Ship traffic through the Strait of Hormuz is near a standstill, with only a small number of vessels reportedly securing passage by paying the IRGC for safe transit.
About 20% of global oil supply normally moves through the chokepoint, but the IEA says output from countries hit by the closure is down more than 14 million barrels a day despite Saudi and UAE pipelines running full.
Iran’s disruption followed U.S. and Israeli attacks on Feb. 28, and analysts say reopening the strait would require more than naval escorts because missiles, drones and mines can still threaten shipping lanes.
A 400 million-barrel IEA reserve release is adding roughly 2.5 million to 3 million barrels a day for now, but that cushion could run out by July or August as inventories fall.
U.S. gasoline averaged $4.31 a gallon and diesel $5.35 on June 1, with analysts warning prices could rise further and the oil market may need months to normalize even after the strait reopens.
Beyond oil, how will the Hormuz closure impact global food supplies and the transition to green energy?
Could Iran's 'toll system' at Hormuz permanently upend the future of global maritime freedom and security?
With strategic oil reserves nearly depleted, what is the world's plan B for the historic supply crisis?
Iran Imposes $2 Million Transit Fee in Strait of Hormuz, Triggering Global Energy Shock
Overview
Since late February 2026, Iran has imposed a new and contested toll regime on vessels passing through the Strait of Hormuz, a vital global energy chokepoint. The Islamic Revolutionary Guard Corps (IRGC) enforces this system, using both military threats and economic advocacy to ensure compliance. Despite strong international opposition, especially from the United States, Iran continues to formalize and defend its right to collect transit fees. This shift has disrupted global shipping, increased operational risks, and sparked diplomatic tensions, forcing the world to adapt to a new reality in one of the most important maritime routes.