A key global oil route could soon come with a price tag. Iran’s parliament is working on a draft law to charge ships a fee for passing through the Strait of Hormuz. In exchange, they would provide security along the route, according to reports.

The proposal, expected to be finalised next week, aims to formally recognise Iran’s control and oversight over the strait. Additionally, it would create a new revenue stream through toll collection.

This move comes at a time when the Middle East conflict is nearing its fourth week. The Strait of Hormuz—through which nearly 20% of the world’s oil flows—has been severely disrupted.

Tanker traffic has slowed sharply, with only limited movement from vessels linked to Iran and China. This has effectively restricted one of the world’s most critical energy corridors.

The disruption has already forced shutdowns in parts of Persian Gulf oil production. Some refineries in the region have also been hit during the conflict.

As a result, oil prices have surged, with Brent crude crossing $114 per barrel earlier this week. There are also growing concerns that prices could spike further, with discussions around a possible move towards $200 per barrel.

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