Iran has launched a new electronic permit system for ships intending to transit the Strait of Hormuz, a strategic waterway through which 20% of the world's oil flows. According to state-run Press TV, shipping companies must now obtain a transit permit from the Persian Gulf Strait Authority (PGSA) before entering the strait. This regulation comes amid heightened tensions following military conflicts involving the US and Israel, which have effectively closed the waterway. Iran's parliament is also contemplating legislation to impose restrictions on vessels associated with the US and Israel, as well as a toll system for other ships. In response, US President Donald Trump announced plans to escort vessels through the strait under 'Project Freedom', which he described as a humanitarian initiative. Iran's military has issued warnings against any foreign armed forces approaching the strait, indicating potential military responses to perceived threats.