Iran Conflict — 2026-03-25

Iran Charges $2M Per Vessel for Hormuz Transit as Bahrain Pushes UN Force Authorization

Iran is demanding $2 million per vessel for safe passage through the Strait of Hormuz, with some shipping operators paying ad hoc tolls to maintain crude and LNG flows. Bahrain has pushed for UN Security Council authorization to use force to reopen the strait. Iran separately signaled a potential threat to the Bab al-Mandeb shipping route, raising the prospect of a second major chokepoint closure. Asian nations including Japan and India are stockpiling jet fuel and diesel amid fears of prolonged supply disruption.

Analysis
The Bab al-Mandeb threat represents escalation beyond Hormuz. If Iran can credibly threaten both the Persian Gulf and Red Sea chokepoints, it controls roughly 30% of global seaborne oil transit. The $2M per vessel toll creates a two-tier system: nations paying Iran directly versus those relying on naval escort, fragmenting the coalition response. Bahrain push for UN use-of-force authorization signals Gulf states losing patience with diplomacy.

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