After the start of air strikes against Iran by the United States and Israel on February 28, 2026, Iran successfully blockaded the Strait of Hormuz and restricted shipping traffic through it.

On March 2, 2026, the Revolutionary Guards (IRGC) threatened to target ships that violated its orders. Then, on March 27, the IRGC closed the Strait to any vessel going “to and from” the ports of the US and Israel. The narrow Strait of Hormuz connects the Persian Gulf to the Gulf of Oman, and it is highly important for international shipping, particularly for oil exports from the Persian Gulf.

When the Strait was open, approximately 25% of the world’s seaborne oil trade and 20% of the world’s liquefied natural gas (LNG) passed through it.

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By blockading the Strait and attacking the US bases in the Persian Gulf region during the 40-day war, Iran began a new era of regional power. The US arms that the Arab Sheikhdoms had purchased proved ineffective in defending them. The US Aircraft Carriers that came from a far distance to force the opening of the Strait had to turn back as they came under attack from Iran’s missiles. The US’s inability to forcefully reopen the waterway and defend its Fifth Fleet in Bahrain, as well as its other military bases in the region, shattered the pillar of post-Cold War US dominance. It ushered in a new era of Iran’s sovereignty over the Persian Gulf and the Strait of Hormuz. The partial blockage of the Strait means a military equivalent of trade sanctions on the United States and Israel by Iran. That ends the US and its allies’ import of cheap oil from the Persian Gulf.

Iran began collecting tolls, ranging from $1 to $2 million, from each ship passing through the Strait of Hormuz. If Iran successfully charges tolls regularly for passage through the Strait, it will have significant strategic and economic implications for Iran and the global economy. Based on international maritime traffic patterns, the country’s annual revenue from this waterway could reach billions of dollars. The world economy’s vital dependence on oil transit through the Strait provides Iran with a stable source of income from tolls.

Iran ends toll-free passage through the Strait, relying on its geographical location, and establishes a no-go zone for Israel and US combat forces. The requirement to pay duties in rials, yuan, and rubles reduces global demand for the dollar. It ends the petrodollar’s dominance over the oil trade, a key element of US foreign policy.

The tolls must be deposited in Iran’s Central Bank. The Iranian rial will be elevated from a weak to a viable currency, thereby weakening US financial sanctions on Iran. In such a situation, the Persian Gulf Sheikhdoms’ security of exported cargoes will be subject to Iran’s military assurance rather than the US Fifth Fleet. The new order creates a favorable balance of power for Iran in the region. These new strategic shifts of power should be supported by China and Russia, which want to eliminate the US hegemony in the region. Consequently, the Persian Gulf will be transformed from a region dominated by Western powers into an endogenous regional security bloc in which Iran plays the leading role.

The concentration of approximately 60% of the world’s proven crude oil reserves in the Persian Gulf region has historically attracted major world powers to compete for control of its petroleum resources. Iran possesses about 12% of the world’s oil reserves, making it the third largest after Saudi Arabia and Venezuela.

Source: Global Research