Report: Iran Eyes Billions in Revenue From the Strait of Hormuz

Iran is working on a plan to generate billions of dollars from the Strait of Hormuz, according to a report Thursday in The Wall Street Journal. The move comes after the shipping route was shut during the war, and Tehran wants to turn the chokepoint, which is crucial to global oil exports, into a managed revenue source.

According to the report, Iranian officials believe they could collect payments for "security, safety and environmental protection services" in the strait, potentially creating about $40 billion a year for the states involved in the arrangement. People familiar with the matter said that if the plan is implemented, it would give Iran an income stream and a level of control it did not have before the war.

As part of the concept, the Islamic Revolutionary Guard Corps has warned that unscheduled passage through the strait is dangerous and prohibited. Iranian officials are also examining similar models used elsewhere, including the Dardanelles, where Turkey charges ships transit fees on voyages to and from the Aegean Sea.

Iran reportedly intends to present the proposal to Middle Eastern countries and even to China, in order to win international support. Tehran also wants neighboring Gulf states to join the deal and share the resulting income.