It also has unique leverage in that it effectively controls the waterway, he notes.
“The world just cannot withstand a full closure of the Strait of Hormuz due to the economic impact,” he added.
Iran’s Hormuz levy is all about “the psychology of sovereignty,” notes geopolitical analyst Tahir Nazer.
Commenting on reports of initial revenues, he says even modest gains shift Iran from “a state under siege to a state that leverages its geography for fiscal agency". The fees, even if amounting to hundreds of millions instead of billions—will help cover naval costs, cushioning against the national currency’s volatility.
“It is not a replacement for oil revenue; it is an adjunct to fiscal endurance at a stage where every dollar outside the SWIFT system counts,” notes the expert.