The Hormuz Toll Could Break the World Economy

For decades now, the question that has dominated West and thinking about Iran has been whether or not it will build a nuclear weapon. It's come to define a large squat of American policy across bipartisan administrations and has ostensibly been the driving force in both of the air campaigns President Trump launched against the Islamic Republic.

Comparatively little attention has been paid to the part that may matter more though.

Iran has revived a longstanding claim of sovereignty over the Strait of Hormuz and begun insisting on tolls that every vessel would have to pay for the right to pass through. This has become a critical component of the regime's calculus.