Crude war: Oil tanker firm paid Iran $2 million for Strait of Hormuz safe passage; Iran mulls surcharge as US gas costs $8 at some pumps

The Iran-US-Israel conflict is turning into an economic war as an oil tanker operator reportedly paid Tehran a $2 million fee for safe passage through the Strait of Hormuz. Iran is now charging “favoured” countries millions of dollars per oil tanker for safe passage, even as gasoline prices have crossed $8 a gallon in some US pumps.

The cost of war: Oil companies feel the pinch; Iran mulls Strait of Hormuz transit surcharge

According to Lloyd’s List Intelligence, cited by the Financial Times and other media, at least one tanker operator is understood to have paid around $2 million as part of an agreement to transit via Iran’s newly established “safe corridor” along the Strait of Hormuz. This is a route near Iranian territorial waters around Larak Island, where the IRGC Navy and port authorities are reportedly conducting visual vetting and verification of vessels. Based on recent reports, at least nine vessels have used this corridor, mostly from diplomatically cleared nations such as India, Pakistan and China.

As per reports, India did not pay for passage of its LPG carriers Shivalik and Nanda Devi. A Pakistan-flagged Karachi tanker was also similarly cleared through government-to-government talks.

While Iran is negotiating such arrangements with operators on a case-by-case basis, its parliament is debating formalised surcharges. Iran, in effect, is creating a “protection” racket in Strait of Hormuz.

Trump administration moves to allow passage of Iranian oil

Treasury Secretary Scott Bessent said the US will allow 140 million barrels of Iranian oil already at sea to move. This de-sanctioning will free up roughly 10–14 days of global supply and drive prices down in the near term. This Iranian oil was originally headed mostly to China.

This is the second instance of the US de-sanctioning oil in recent weeks, following the decision to allow Russian oil meant mainly for India to pass through.

These are short-term releases of existing cargoes to bring down global oil prices, which have crossed $100 per barrel in recent days.

Iran’s twin war strategy: Shut Hormuz, attack Gulf energy installations

In the past few days, Iran has intensified attacks on oil and gas installations in Saudi Arabia, Qatar and Kuwait. Combined with its threats of selective closure of the Strait of Hormuz to enemy vessels, the strategy appears to be working in driving up oil prices. Surcharges and payments to Iran for passage would amount to the country funding the war through its leverage over Hormuz traffic.

While Bessent framed the freeing up of Iranian oil as using its own barrels “against Tehran”, the real goal appears to be to stabilise oil prices for US consumers and industry: America acts when Americans are pinched.

Brent crude has spiked by up to 60 per cent since the joint US–Israeli strikes on Iran on 28 February started the war, hitting $118 per barrel at one point.

At the pump, US gas prices are up sharply, with some reports citing increases of up to 90 cents per gallon nationally.

In reality, overall tanker traffic through Hormuz has collapsed. Only around 15 vessels have transited in recent days, mostly Iran-linked ones.