Iran could leverage a loophole in international maritime law (UNCLOS Article 26) to charge vessels passing through the Strait of Hormuz. By framing the charges as fees for services like safety and security, rather than a transit toll, the move could be legally defensible, citing precedents from countries like Turkey and Russia.
Rerouting ships from the Red Sea via the Suez Canal is not a simple alternative. The canal's shallow depth prevents Very Large Crude Carriers (VLCCs) from transiting fully loaded. This requires costly and complex workarounds, such as offloading crude into pipelines to bypass the shallowest sections of the canal.
An attempt by Iran to monetize the Strait of Hormuz could create an unexpected diplomatic opportunity. The global shipping industry's preference to pay fees in U.S. dollars would clash with existing sanctions, potentially forcing negotiations between Iran and the U.S. to find a workable payment solution.