The Islamic Revolutionary Guard Corps (IRGC) has solidified its control over the Strait of Hormuz by creating the Persian Gulf Strait Authority (PGSA), which mandates that all commercial vessels adhere to a strict reporting protocol. This includes a 40-question declaration concerning cargo, ownership, and crew nationalities. Ships that do not comply face severe consequences, including missile strikes or seizure by Iranian naval forces. The PGSA marks a significant shift in maritime governance, as Iran now treats the strait as a regulated corridor, diverging from international transit rules. Additionally, Iran has begun imposing hefty toll fees, reportedly charging up to $2 million for safe passage, which the US Treasury has prohibited for US entities due to its funding of the IRGC. This has created a dilemma for global shippers: pay the toll or risk their vessels. The ramifications for global energy security are severe, with daily crossings dropping from 120 to approximately 40, resulting in substantial oil supply shocks and rising petrol prices in the US, now exceeding $4.50 per gallon. Countries like India and Pakistan are negotiating with Iran to secure passage for their vessels, while the majority of the global fleet remains stranded or diverted, unable to meet Iran's demands without breaching international sanctions.