- Iran has effectively closed the Strait of Hormuz, the world’s most critical energy chokepoint, following attacks on 28 February, leading to a 95 per cent drop in commodity traffic.
- Access to the Strait is now governed by direct diplomacy with Iran, rather than international maritime law, reflecting a new geopolitical reality.
- Iran operates a 'de facto toll booth regime' through the Islamic Revolutionary Guard Corps, granting passage to vessels from 'friendly' nations via a permissions-based system.
- China, Russia, India, Iraq, and Pakistan were named by Iran's foreign minister Abbas Araghchi as the countries considered friendly enough for passage; however, several others, including Thailand, Malaysia, the Philippines, Indonesia, and Japan, have secured agreements for safe transit, some reportedly without paying fees.
- The conditions of these agreements remain opaque, though reports suggest Iran may be charging “war compensation” fees, and its parliament is considering legislation to formalise this system.
IN FULL