Strait of Hormuz tensions flare as Iran tightens grip over shipping traffic

Tensions in the Strait of Hormuz are escalating as Iran implements new measures affecting shipping traffic in the region. Reports indicate that Iran is developing a vetting and registration system for vessels seeking to transit through the waterway, which is crucial for global oil shipments. According to Lloyd's List, this system may lead to a "selective blockade," allowing only certain ships from specific countries to pass. The Iranian Revolutionary Guard Corps (IRGC) is expected to oversee the approval process for vessels wishing to navigate through a designated "safe corridor." The situation has prompted the International Maritime Organisation (IMO) to call for the establishment of a "safe maritime framework" to facilitate the swift evacuation of merchant ships that may become trapped in the Persian Gulf. This response comes amid growing global concerns regarding the safety of ships and crews operating in the increasingly volatile region. Additionally, reports suggest that Iran is considering imposing steep transit fees on vessels using the Strait of Hormuz. A lawmaker indicated that these fees could significantly impact shipping costs, with at least one tanker reportedly paying around $2 million for transit through the corridor near Iran's Larak Island. So far, at least nine ships have successfully navigated this route, highlighting the ongoing complexities of maritime operations in the area.