In response to ongoing tensions with the United States, Iran has launched a new maritime control mechanism for vessels transiting the Strait of Hormuz, a vital waterway responsible for 20% of global oil transit. According to reports from Iran’s Press TV, all ships planning to navigate through the strait must now obtain a transit permit, which will be communicated via email from the Persian Gulf Strait Authority (PGSA). The new system is described as a 'sovereign governance system' and is now operational. Additionally, Iran's parliament is advancing a bill that proposes a complete ban on vessels linked to Israel and restrictions on ships from other 'hostile' nations, while introducing a tolling system for non-hostile vessels. Tensions have escalated, with conflicting reports regarding missile firings at US warships, which the US Central Command has denied. Amid these developments, oil prices have shown volatility, reflecting the uncertainty in the region.