Iran Moves to Impose Hormuz Fees as Southeast Asia Pledges Malacca Open
🚢 HORMUZ — Iran just monetized its sovereignty claim before July 9. 📌 LOOK CLOSER: The fee mechanism converts Iran's Hormuz sovereignty argument into economic reality — every ship that pays validates Iranian jurisdiction. Washington's MoU now has a competing fact on the water. Malacca offers bypass for smaller vessels; VLCCs and supertankers cannot reroute. Europe's crude exposure is unhedgeable.