Iran Wants to Charge Fees for Hormuz. How Do Other Waterways Work?

Iran's consideration to charge fees for ships transiting the Strait of Hormuz has stirred global concern, especially as it's historically been a free passage for international trade. This move follows heightened tensions with the US and Israel, reflecting Iran's desire to assert control over a critical maritime route. For context, other major waterways like the Suez and Panama canals already charge substantial fees, which are based on ship size and cargo value. This shift could significantly impact global oil and gas supplies, highlighting the strategic importance of the Strait of Hormuz and the potential ripple effects on global trade routes.