Iran’s Persian Gulf Strait Authority has ordered all vessels transiting the Strait of Hormuz to obtain Iranian‑approved insurance. The coverage is free for 60 days, after which Tehran may levy fees. The rule directly contradicts the recent US‑Iran memorandum that promised toll‑free passage for the same period. Shipowners now face a new compliance hurdle in one of the world’s busiest chokepoints.

Iran also mandates use of the northern channel near Larak Island, warning that any deviation will trigger penalties, revocation of permits, or legal action. The Persian Gulf Strait Authority submitted the terms to the International Maritime Organization, prompting alarms from tanker owners, Middle East Gulf states and oil majors who label the move a destabilising precedent. Compliance costs could rise sharply.

U.S. officials, including Vice President JD Vance, reiterated that keeping the strait open outweighs fee concerns and warned Tehran against imposing charges. Iran’s recent warning shots and radio directive to avoid the waterway raise the risk of confrontations. The new insurance rule now adds a legal and financial layer that could reshape global oil logistics. Stakeholders will monitor enforcement closely.