States may regulate navigation and recover the cost of specific services, but they may not impose a general transit toll in internationally significant waterways.

Iran and Oman are negotiating permanent Strait of Hormuz transit fees up to $2M per vessel, with Bitcoin and yuan accepted. Revenue could reach $8B annually.

Iran and Oman are negotiating a permanent toll on Strait of Hormuz shipping, with fees previously hitting $2M per transit. Here's what it means for oil, inflation, and crypto.