Iran's Strait of Hormuz Toll: Global Prices Spike

On April 3rd, Iran's lockdown the Strait of Hormuz, that crucial shipping lane for oil and gas, hitting back at U.S. and Israeli strikes from late, February.

Now they're pushing a toll booth setup, charging ships over 1 million pounds in Chinese yuan, or stable coins to pass through, all run by there.

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Global energy prices have spiked hard as shipments stall out, with only a trickle of traffic slipping by under this fee system.

Tehran claims it's just monitoring with Oman for safer passage, but ships need permits and licenses first.

More than 40 countries met Thursday, chaired by UK Foreign Secretary Yvette Cooper, and they flat out rejected these multi-million-pound tolls.

She called it Iran, holding the world economy hostage, and demanded the Strait reopen immediately for free navigation.

Cooper warned of fresh sanctions and coordinated pressure through the UN if it stays shut, plus talks on economic measures to squeeze Tehran.

About 2,000 ships are still trapped, and they're eyeing help from the international maritime organization to get them moving.

All eyes are on weather diplomatic heat, or tougher actions will force Iran's hand and restore flow to this vital waterway before prices climb even.

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