Overview
- Iran’s new Persian Gulf Strait Authority publicly expanded its claimed jurisdiction on Thursday, May 21, 2026, saying ships must coordinate with and be approved by Tehran to pass waters that reach toward UAE ports such as Fujairah.
- Shipping through the strait has collapsed since mid‑April, which has pushed Brent toward roughly $105 a barrel and drained global oil inventories as freight and container flows also slow.
- U.S. officials privately told Congress that clearing Iranian‑laid naval mines could take up to six months and that the Pentagon will rely heavily on European NATO partners for mine‑hunting ships and systems.
- Some tankers have continued exports by switching off tracking and following evasive routes, while Washington’s OFAC has warned shipowners against payments to Iranian authorities, creating legal and commercial risks for carriers.
- Iran is experimenting with monetization tools such as a reported ‘Hormuz Safe’ model using Bitcoin for fees or insurance, a step that could help Tehran sidestep sanctions and motivate Gulf states to speed pipeline bypasses and other workarounds.