Iran's Revolutionary Guard has set shipping companies a toll exceeding one million dollars for each vessel passing through the Strait of Hormuz, despite a nominal ceasefire being in effect. This dual blockade, with Iran controlling Hormuz while the U.S. enforces a blockade on Iranian ports since April 13, has slashed shipping activity in this vital waterway to merely five percent of its level before the conflict erupted. This predicament has triggered a worldwide fuel crisis, with oil prices soaring 45 percent above what they were prior to the conflict. Approximately 426 tankers, 34 LPG carriers, and 19 LNG ships are currently immobilized in the area. As a result, American consumers are facing the financial burden of this standoff at gas stations and through increased prices for maritime goods.
