The Strait of Hormuz is no longer just a sea passage. It becomes, in the Iranian strategy, an instrument of rent, pressure and negotiation. With the idea of a Persian Gulf Strait Authority, or PGSA, Tehran no longer only threatens to close Hormuz. It wants to administer it, filter it, slow it down, and make it pay.

This is where the idea of “tolling diplomacy” becomes relevant; it is not just a maritime toll. This is toll diplomacy. Iran is seeking to turn its geographical position into political income. In other words, making the world pay the price for its own capacity to cause harm.

The current strategy is therefore subtle: not to close completely, but to create permanent uncertainty.

The first interpretation window is that of geographical rent.

Iran is economically weak, sanctioned, and isolated but has an exceptional map: its proximity to one of the most strategic straits in the world. Hormuz is a global energy artery, and an important........

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