Iran demands secret codes, yuan payments and escorts for Ormuz transits
Iran’s Revolutionary Guard is formalizing tolls and vetting for ships in the Strait of Hormuz, raising costs and delays for global energy flows.
Apr 2, 2026, 11:41 AM EDT
Why it matters:
- The Strait of Hormuz carries about one-fifth of the world’s oil and LNG; new tolls and vetting raise shipping costs and delay energy supplies.
Driving the news:
- Iran’s Revolutionary Guard is requiring ships to contact an intermediary, submit ownership, flag, cargo, destination, crew and AIS data, and obtain an escort to transit Hormuz. - The guard is also demanding secret codes and payments in Chinese yuan, and is rejecting vessels linked to the United States and Israel. - Iran has agreed to let 20 Pakistani-flagged ships transit, but Islamabad has few such vessels in the Gulf and is courting major traders to temporarily reflag larger ships.
State of play:
- A draft law to formalize Hormuz tolls was approved by Iran’s National Security Council, according to the semi-official Fars agency. - Informal Revolutionary Guard tolls of up to $2 million per vessel have been imposed for weeks, Bloomberg reported. - A formal system is emerging, with provincial Guard commanders in Hormozgan conducting checks to ensure no links to Israel or the United States.
By the numbers:
- About 20% of the world’s oil and LNG normally passes through Hormuz. - The guard is reportedly charging up to $2 million per ship. - Pakistan is seeking to move super-tankers capable of carrying 2 million barrels each.
What they're saying:
- “Any implementation of a toll would raise the cost of energy transport from the Gulf,” said Rajesh Verma of Drewry. - “A prolonged toll application would reroute barrels from the U.S. and the Red Sea toward Asia,” said George Morris of Vortexa.
Reality check:
- The formal toll regime is still hypothetical; some ships have paid nothing, according to Bloomberg. - A $2 million toll could add roughly $2 per barrel if applied broadly, or about 2% on top of current prices near $100.
What to watch:
- Whether Iran’s parliament passes the toll law and sets specific rates. - If Pakistan successfully reflags larger vessels to move 20 ships through Hormuz. - U.S. and Israeli-flagged ships’ ability to transit under new rules.
The bottom line:
- Iran is turning ad hoc pressure into a formal toll-and-escort regime that will likely lift energy costs and complicate global shipping.