BREAKING: Iran's announced 7% toll on all commercial ships passing through the Strait of Hormuz, would generate Iran $385 million daily net or more than $100 billion yearly net at pre-war traffic.
The majority of crude oil volume moves on a Very Large Crude Carrier (VLCC), and at 2 million barrels max capacity the 7% toll would generate Iran ~$11 million for a single oil tanker.
A toll has almost no cost of goods, so ~97% is pure profit. Comparing it to net income, a 7% Hormuz toll would make the Strait about as profitable as Alphabet ($132B in 2025), Nvidia ($120B FY2026), Apple + Microsoft (both just crossed $100B), and Saudi Aramco ($105B), while representing ~15-20x Suez Canal's all-time peak revenue from its toll.
For Iran itself, this would exceed a third of Iran's GDP, without pumping a barrel.
The biggest takeaway from Bessent's recent yen intervention is the lengths the US has to go to just to keep the Treasury market from blowing up.
Bessent is busy:
- Keeping oil prices in check.
- Supporting the yen.
- Extending swap lines so foreign countries don't have to dump US Treasuries.
Every one of these policies has the same objective: Protect the US funding market.
Meanwhile, Trump is increasing oil market volatility to the point where no one dares go long oil anymore.
This isn't about oil or the yen anymore.... It's about protecting the funding source of a highly financialized empire
And this war is threatening that very financing model.
🇪🇸 At least 400 migrants have already successfully entered Melilla
Like other Spanish enclaves, Melilla is directly affected by a Spanish Supreme Court ruling that migrants intercepted at sea while trying to reach Melilla or Ceuta cannot be summarily returned to Morocco