Iran's expanding transit system poses a significant challenge to global trade and energy security.
The new mechanism involves government-to-government arrangements, intense vetting by the Iranian government, and sometimes fees in exchange for safe passage.
This increased scrutiny has resulted in prolonged transit times and higher costs for ships navigating the strait.
The Strait of Hormuz's strategic importance cannot be overstated, as it is a critical conduit for global oil supply.
Iran's control over the strait has thrown the world economy into turmoil, with significant implications for energy markets and trade.
The Agios Fanourios I , a tanker carrying Iraqi crude oil to Vietnam, was bottled up off the coast of Dubai since late April before setting off for the strait on May 10.
After passing through the strait, the ship received Iranian authorization to continue, but its journey was delayed by several hours due to intense vetting by the Iranian government.
The new mechanism has raised concerns among shipping sources and officials about the potential for delays, fines, and even physical attacks on ships navigating the strait.
As Iran continues to consolidate its control over the Strait of Hormuz, the global energy market is bracing for further disruptions.
The Strait of Hormuz's importance cannot be overstated, as it accounts for about 20% of the world's oil supply.
