Iran's Persian Gulf Strait Authority announced that all vessels transiting the Strait of Hormuz must carry a PGSA‑approved insurance policy. The requirement is offered free for now, but the agency reserves the right to levy insurance fees later, set by insurers. The move follows the interim US‑Iran peace pact that restored pre‑war traffic levels.

During the first 60 days of the memorandum, Iran will not charge ships, as an unnamed official confirmed. After that window, Tehran and Oman are to negotiate a framework that could include service charges for safe passage, environmental mitigation and pilotage. Oman has signaled it may impose lawful charges for such services.

Iran escalated tensions Friday, firing warning shots and broadcasting a directive that vessels avoid the strait until Israel withdraws from Lebanon and US forces leave the region. The same source recalled Tehran’s earlier claim it could demand $2 million in cryptocurrency per transit. Such threats risk disrupting the flow of roughly one‑fifth of global oil and LNG.

The PGSA document also mandates a specific lane hugging Iran’s coast and bans any deviation, warning of violations. Shipowners, already wary of possible mines, have curtailed movements, while the International Maritime Organization works on a humanitarian corridor. The emerging fee regime could reshape cost structures for carriers and pressure insurers to reassess risk premiums.