Loading ...The Hormuz Letter
@HormuzLetter
ยท
11h
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.