On Thursday, Iran officially launched the Persian Gulf Strait Authority to formalize its military and economic management of the Strait of Hormuz.
This new body enforces a controlled maritime zone that requires all commercial vessels to pay transit fees or purchase Bitcoin-settled insurance for safe passage. While the U.S. and Israel condemn the move as a mafia-style protection racket, Tehran argues the system is necessary to provide security during the ongoing regional war. Over 160 oil tankers remain stalled in the Gulf as Iran expands its territorial claims and suggests new taxes on subsea internet cables.
Diplomatic talks in Oman continue, but tensions are rising as the U.S. reviews military options to reopen the vital waterway.
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