On March 31, 2026, Iran’s parliament approved a controversial bill imposing tolls on vessels passing through the strategic Hormuz Strait. The legislation requires payments in Iranian rials and could charge up to $2 million per oil tanker.

The bill explicitly bans vessels from the United States, Israel, and countries participating in sanctions against Iran from using the waterway. This move represents a significant escalation in the ongoing tensions between Iran and Western powers.

The Hormuz Strait is one of the world’s most critical oil transportation routes, handling approximately 20% of global oil shipments. Any disruption to traffic through this narrow channel could have severe consequences for international energy markets.

International oil markets reacted swiftly to the news, with WTI crude oil prices surging past $106 per barrel, marking a 3.09% daily increase. Market analysts express concern that strict enforcement of this bill could trigger a global energy crisis.

U.S. President Trump has responded with threats of “devastating strikes” against Iran’s energy infrastructure. Meanwhile, Iran’s First Vice President Aref has warned against any military action targeting Iran’s primary oil export facility at Kharg Island.

The international community has called for restraint and diplomatic solutions to prevent further escalation in this volatile region.