Iran's National Security and Foreign Policy Commission approved a draft law on Sunday that would require ships from countries using the Strait of Hormuz to pay Tehran for passage. The full parliament must still approve the bill before it becomes law, but the move signals a new confrontation with Washington.
A toll on the Strait of Hormuz
The proposal targets ships from countries that may use the strategic waterway, though details of which nations would be affected and how fees would be collected have not been released. Iran's Supreme National Security Council secretary, Mohsen Rezaei, warned that Tehran would treat any country cooperating with U.S. pressure as an enemy. The threat follows repeated U.S. attempts to isolate Iran economically.
The bill is not law yet. But it gives Tehran a leverage point in the ongoing standoff, using the world's most important oil shipping route as a bargaining chip. Roughly 20% of global oil passes through the Strait of Hormuz, so even the possibility of tolls or disruptions is enough to move markets.
Washington's 'economic D-Day'
U.S. Treasury Secretary Scott Bessent used a Financial Times op-ed to announce what he called an economic D-Day, describing it as 'the single greatest financial offensive ever marshalled against an adversary.' The statement came as Washington tightens sanctions aimed at Iran's oil exports and banking system.
The Islamic Revolutionary Guard Corps spokesperson, Sardar Mohebi, dismissed the campaign as an admission of military failure, but the Treasury's message is clear: economic pain is meant to change Tehran's behavior. Bessent argues that maximum economic pressure actually lowers the odds of military escalation, because it forces the other side to the table.
What the markets are watching
Oil traders reacted cautiously. West Texas Intermediate crude slipped 1.3% to $85.93 a barrel, and Brent eased 1.87% to $93.22. The moves suggest the market isn't yet pricing in an actual supply disruption, but the risk is there.
The bond market is also sending signals. The 30-year Treasury yield has traded near 5.3% through August, its highest level since 2007. U.S. government debt crossed $40 trillion, and investors are watching whether the standoff with Iran adds another layer of stress to global markets.
A key question is whether the sanctions will extend to China, which buys more than 80% of Iran's oil exports. If Washington presses China to stop those purchases, the oil market could face a serious crunch. For now, the standoff may remain rhetorical, but the next few months will show whether it becomes a real test for oil supply and bond yields.
