Ship traffic through the Strait of Hormuz, a crucial oil transit route, has drastically fallen to below 10% of normal levels, with only seven vessels passing in the last 24 hours, compared to the typical daily flow of around 140. The situation arises as Iran's Islamic Revolutionary Guard Corps (IRGC) has taken control of the strait, directing vessels to navigate through its own waters near Larak Island to avoid naval mines. This has raised significant security concerns, particularly for ships associated with the United States or Israel, which face risks of being turned back. Additionally, reports indicate that Iran may impose a transit toll of up to $2 million per vessel, potentially demanding payments in cryptocurrency, a move criticized by the UN's International Maritime Organization as it could set a dangerous precedent for international shipping. Since the onset of the conflict on February 28, global oil supply has been cut by 20%, leaving many tankers stranded in the Gulf.