"Iran's communications to the United Nations maritime authority indicate the establishment of a vetting process for ships entering its waters, resembling a toll booth. This move allows Iran to control oil shipments and maintain its exports to China."
"Traffic through the Strait of Hormuz has decreased by 90% since the start of the Iran war, causing global oil prices to surge and creating alarming shortages for Asian nations reliant on oil from the Persian Gulf."
"Despite the overall decline in vessel traffic, Iran's Kharg Island terminal loaded 1.6 million barrels in March, indicating stable oil exports primarily to small, private refineries in China that are less concerned about U.S. sanctions."
Iran is positioning itself as the gatekeeper of the Strait of Hormuz, crucial for global oil shipments. The country has implemented a vetting process for vessels entering its waters, effectively creating a toll system. Traffic through the strait has plummeted by 90% since the onset of the Iran war, leading to soaring oil prices and shortages in Asia. Despite the decline in overall traffic, Iran's oil exports to China remain stable, with a significant portion of vessels linked to Iran successfully transiting the strait.
Read at Fortune
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