Iran is signaling that it will flout the newly brokered ceasefire agreement, raising fresh concerns about stability in one of the world's most critical energy corridors.
The ceasefire, which officially began on Wednesday following negotiations led by President Donald Trump, was intended to de-escalate weeks of conflict and restore normal maritime traffic through the Strait of Hormuz.
Trump had emphasized that the ceasefire would reopen the "free trade across the Strait of Hormuz," framing the agreement as a step toward restoring global supply chains.
However, as the ceasefire began, Tehran was already reshaping the terms of the agreement to its advantage rather than adhering to its spirit.
According to mediators and shipping analysts, Iran has indicated it will allow only a limited number of vessels to pass through the strait each day.
On Wednesday, Tehran only allowed 12 cargo tankers to pass through the strait.
This sharply contrasts with pre-conflict levels, when more than 100 vessels could transit the strategic waterway daily without interference.
The restriction alone has raised alarms among global energy markets, which depend heavily on the uninterrupted flow of oil and liquefied natural gas through the region.
Compounding the issue, Iran is reportedly charging ships for passage, effectively turning a natural international waterway into a controlled and monetized chokepoint.
These tolls, which can reach as high as $2 million for large oil tankers, are being arranged in advance and paid in alternative currencies such as Chinese yuan or cryptocurrency.
Such practices have drawn criticism from international observers, who argue that they violate long-standing maritime laws guaranteeing freedom of navigation.
Under international shipping rules, including widely recognized conventions governing open waterways, countries are not permitted to impose fees on transit through natural straits like Hormuz.
Iran's actions therefore represent not only a challenge to the ceasefire agreement but also a broader breach of global legal norms.
Despite public statements suggesting openness to peace, Tehran appears to be using the ceasefire as an opportunity to consolidate control over the strait.
Iran's Revolutionary Guard has taken a central role in managing ship movements, requiring vessels to coordinate passage directly with its naval forces.
Radio warnings broadcast to ships in the region have underscored the risks, with Iranian forces threatening to target any vessel attempting to pass without authorization.
Only a handful of ships were permitted through on the first full day of the ceasefire, marking one of the lowest traffic levels recorded this month.
This limited flow has effectively maintained the disruption caused during the conflict, preventing a return to normal economic activity.
Yet the reality on the ground suggests that free trade remains constrained, with Iran exerting unprecedented control over who can pass and at what cost.
Energy-producing nations in the Gulf have expressed strong opposition to any system requiring payments to Iran, warning that it could set a dangerous precedent.
They argue that allowing such practices would legitimize economic coercion and undermine the rules-based international order.
Analysts note that Iran's strategy reflects a shift in how it projects power, leveraging geography rather than solely relying on military capabilities.
Control of the strait now offers Tehran immediate and visible influence over global markets, particularly oil prices.
This leverage is especially significant given that roughly 20% of the world's oil supply passes through the narrow channel.
Even minor disruptions can trigger price volatility, with ripple effects across global economies.
Shipping companies, meanwhile, remain cautious about resuming normal operations, citing uncertainty over enforcement and safety risks.
Many operators are adopting a wait-and-see approach, holding vessels back until clearer guidelines emerge.
U.S. officials have acknowledged the challenges posed by Iran's actions, with Secretary of State Marco Rubio warning that tolls would be both illegal and dangerous.
He emphasized that preventing such measures would likely require a coordinated international response, particularly from countries most dependent on the strait.
Nevertheless, the United States has stopped short of outlining a concrete enforcement mechanism.
For now, the ceasefire remains in place in name, but its effectiveness is increasingly being called into question.
As long as restrictions and tolls persist, the agreement falls short of delivering the open and secure passage it promised.
With Vice President JD Vance in Islamabad on Friday for direct negotiations with Iran, the coming days will be critical in determining whether diplomatic efforts can restore genuine freedom of navigation or whether the region is headed toward renewed confrontation.
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