Iran’s de facto control over the Strait of Hormuz, imposed amid the ongoing US-Israel conflict that began in February 2026, drives trader focus on fee implementation. Since March, Iran’s parliament approved the Hormuz Transit Fee Law authorizing up to $2 million per transit, and the Islamic Revolutionary Guard Corps established a permitting system with the Persian Gulf Strait Authority requiring documentation, escorts, and payments in some cases via yuan or cryptocurrency. A June US-Iran memorandum suspended formal charges for 60 days, yet reports of informal arrangements and service fees persisted after the pause. October has seen heightened Iranian surveillance, attacks on shipping, and warnings against unauthorized routes, reinforcing leverage while the United States and international bodies reject tolls under maritime law.