Iran eyes toll booth on Hormuz post-war

TL;DR

Gideon Rachman argues Iran could gain lasting control over Strait of Hormuz shipping despite war losses.
Iran has charged reported $2mn per ship for safe passage; normally 140 ships pass daily.
This risks turning Hormuz into Iran's toll booth, boosting Tehran while frustrating US goals.[[1]](https://www.ft.com/content/04f6c510-47a8-4e05-99d5-5372fceeb395?syn-25a6b1a6=1)[[2]](https://t.co/Vzos5qVsTN)

The story at a glance

Gideon Rachman, FT chief foreign affairs columnist, warns that Iran may exit the US-Israeli war stronger by establishing de facto control over the Strait of Hormuz. The piece highlights Iran's wartime fees for ship passage and potential to formalise them post-conflict. It is reported now amid ceasefire talks and stalled negotiations over the strait.[[1]](https://www.ft.com/content/04f6c510-47a8-4e05-99d5-5372fceeb395?syn-25a6b1a6=1)[[3]](https://www.reuters.com/world/middle-east/can-iran-charge-fees-ships-transit-strait-hormuz-2026-04-07)

Key points

Iran suffered heavy initial losses: its leader and senior advisers killed on day one of US-Israeli strikes.[[4]](https://www.afr.com/world/middle-east/iran-could-emerge-stronger-and-more-dangerous-from-this-war-20260331-p5zk3d)
Tehran has imposed a "toll booth" system, reportedly charging $2mn per ship for escorted safe passage through the strait.[[1]](https://www.ft.com/content/04f6c510-47a8-4e05-99d5-5372fceeb395?syn-25a6b1a6=1)
Normally, about 140 ships transit daily, carrying 20% of global oil; wartime closures and fees disrupt this flow.[[2]](https://t.co/Vzos5qVsTN)
Gulf states like Saudi Arabia and UAE face pressure to pay fees or risk economic hits from disrupted exports.
US lacks easy military fix to reopen strait due to Iran's drones and geography; force alone may fail.[[5]](https://english.almayadeen.net/news/politics/iran-could-emerge-stronger-from-the-war--more-dangerous-to-u)
Iran pushes to institutionalise tolls in peace deals, sharing revenue possibly with Oman, evading sanctions via yuan or crypto.[[3]](https://www.reuters.com/world/middle-east/can-iran-charge-fees-ships-transit-strait-hormuz-2026-04-07)

Details and context

The war began late February 2026 with US and Israeli strikes on Iranian leadership after escalating tensions. Iran retaliated by blocking most Hormuz traffic, creating a single escorted corridor for compliant ships—mostly from friendly nations like China.[[6]](https://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis)

Rachman notes Iran's resilience surprised planners; despite blows, Tehran turned the strait into leverage, exposing limits of US power projection. Gulf petromonarchies now weigh paying "pizzo" (protection money) or urging Trump for regime change, both risky.[[5]](https://english.almayadeen.net/news/politics/iran-could-emerge-stronger-from-the-war--more-dangerous-to-u)

Fees equate to $1 per oil barrel or up to $2mn per tanker, potentially yielding billions yearly if formalised—funds for rebuilding bombed infrastructure. This challenges international law on free transit passage, setting precedent for other chokepoints.[[7]](https://www.cbsnews.com/news/iran-war-oil-gas-prices-strait-of-hormuz)

Key quotes

"There is no doubt that Iran has suffered some savage blows. The country's leader and many of his most senior advisers were killed on the first day of the war."[[4]](https://www.afr.com/world/middle-east/iran-could-emerge-stronger-and-more-dangerous-from-this-war-20260331-p5zk3d)

— Gideon Rachman, FT

Why it matters

Iran's potential Hormuz monopoly threatens global energy security as the strait handles one-fifth of world oil. Businesses and consumers face higher shipping costs, insurance, and fuel prices if tolls stick. Watch ceasefire outcomes and US-Gulf responses, though full strait reopening remains uncertain.[[7]](https://www.cbsnews.com/news/iran-war-oil-gas-prices-strait-of-hormuz)