The Toll Booth at the Throat of World Trade

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In late February 2026, Iran closed the Strait of Hormuz to foreign shipping. What began as a chaotic wartime closure has, in the past few days, hardened into something more consequential: an official sovereign toll regime, codified in Iranian law, and priced in cryptocurrency.On May 18, Iran operationally launched the Persian Gulf Strait Authority, a formal state bureaucracy with its own internet domain (pgsa.ir), account on X, and contact email. Since then, Tehran has delineated a “management supervision area” across the strait and announced a transit-permit scheme that converts Hormuz from an international waterway into a vetted toll plaza.Under the The post The Toll Booth at the Throat of World Trade appeared first on War on the Rocks.