Revision History

The US Office of Foreign Assets Control has warned global shipping firms they face sanctions if they pay tolls Iran is demanding for safe passage through the Strait of Hormuz, creating a double bind for commercial vessels caught between Iranian enforcement and American secondary sanctions. The crisis, rooted in the broader 2026 US-Israel war on Iran, has slashed transit through the world's most important oil chokepoint by roughly 90%, spiked crude prices above $100 per barrel, and forced shipping companies into costly reroutes that add $4 million per voyage.