Iran floats Hormuz transit tolls

Iran starts collecting tolls in the Strait of Hormuz, collects $2 million from a ship

Amid the ongoing tensions in the Middle East, Iran has officially started collecting tolls from ships using the Strait of Hormuz. The country's Islamic Revolutionary Guard Corps (IRGC) has already collected $2 million from an oil tanker. Al Jazeera

Known as one of the world's most important energy corridors, the Strait carries about a fifth of global oil and a significant amount of natural gas. Iran's control over this route has been further strengthened in the context of recent tensions.

It is reported that the IRGC has introduced a new vetting process for using the Strait. Under this, ships will have to register in advance and pay a set fee.

However, Iran has said that some countries such as China, Pakistan, Bangladesh and India are being given comparative exemptions in using the Strait.