Iran has moved a step further in its attempts to formalise its effective control over the Strait of Hormuz after the country’s top security organ announced the formation of a new body to manage the key passage.The country’s Supreme National Security Council on Monday said the new authority, called the Persian Gulf Strait Authority (PGSA), would provide “real-time updates” on operations and the latest developments in the strait, a critical chokepoint through which 20 percent of the world’s oil and gas pass in peacetime.Recommended Stories list of 3 itemsend of listThe announcement comes two days after reports surfaced that Iran was planning to provide insurance to ships crossing the Strait of Hormuz. According to a report by Iran’s semi-official Fars news agency published on Saturday, Tehran will offer insurance for vessels transiting the strait and surrounding Gulf waters, with payments settled in cryptocurrency.Since the US-Israel war on Iran began on February 28, Iranian officials and lawmakers have repeatedly floated the idea of imposing transit charges or security fees on ships using the Strait of Hormuz. Tehran has already admitted receiving tolls from ships attempting to make their way through the key waterway.Iran has effectively closed the strait in retaliation for US-Israeli attacks, causing disruptions to global energy markets and fuel prices to soar, as oil tankers are largely unable to pass through.Globally, the idea of ships having to pay any fee to pass through the strait has been universally rejected.The US Department of State said this month tha …
