Iran Threatens to Tax Global Oil Routes Through Strait of Hormuz

Iran fired on a cargo ship in the Strait of Hormuz on June 25, signaling it may weaponize control over the chokepoint through which 20 percent of global oil passes. Secretary of State Marco Rubio rejected any arrangement allowing Tehran to impose transit fees, warning the precedent could spread to other waterways. Gulf states support the U.S. stance, but Iran's aggressive move suggests it may pursue demands outside formal negotiations.