the strait of Hormuz toll system has matured from improvised blockade into something closer to a functioning customs authority. Claims Journal and Bloomberg detail the mechanics: $1 per barrel paid in yuan or stablecoins. A Very Large Crude Carrier carrying two million barrels pays roughly $2 million per transit.
The IRGC's Hormozgan Provincial Command runs background checks on all vessels. Five tiers of country classification determine access. Ships must raise the flag of a deal-country, broadcast passcodes over VHF radio, and receive an IRGC patrol escort through the corridor. Some vessels are required to change flag registration entirely. Pakistan has secured deals for 20 vessels.
Weekly transits have risen to 53, up from 36 the previous week, driven by bilateral exemptions: the Philippines, France, Japan , Oman, and Iraq. But pre-war volume was roughly 966 transits per week. The recovery runs through Tehran's licensing desk. Each new deal normalises Iran's sovereignty claim over international waters. Ali Vaez of the International Crisis Group assessed that Hormuz control is much more potent than even a nuclear weapon. The yuan, not the dollar, is the currency of this chokepoint.
At $1 per barrel, the IRGC's annual revenue from Hormuz tolls, if pre-war volumes resumed, would exceed $7 billion. Even at current reduced volumes, the toll generates hundreds of millions annually. The stablecoin payment option creates a sanctions-resistant financial channel. This is a new revenue stream for the IRGC that exists independently of any ceasefire agreement.
