Iran estimates it could make $40 billion a year from managing shipping through the Strait of Hormuz, according to a new report.
Citing Iranian officials familiar with the matter, The Wall Street Journal detailed that, if implemented, the plan would be a significant windfall for the regime as it would provide a source of income it did not have before the war.
The outlet went on to note that Tehran is presenting the idea to other countries in the region and wants its neighbors to be a part of it and share the revenues to make it more appealing.
Whether Tehran will be able to move forward with the initiative remains uncertain. U.S. Energy Secretary Chris Wright appeared to challenge the notion, saying this week that the country's military escorts to ships mean Iran no longer has the ability to close the Strait of Hormuz.
Speaking at a conference in New York City, Chris Wright said such actions from Tehran are "their key leverage and we're taking that leverage away from them."
Elsewhere, Wright said that the Trump administration could reimpose its blockade of Iranian ports if negotiations between Washington and Tehran are unfruitful.
"If we can get no deal with Iran, we will assure that the flow of energy is there, the world is well supplied and the Iranian administration will be in a world of hurt," he said.
In contrast, the Iranian revolutionary guard threatened ships seeking to transit through the Strait of Hormuz without coordination with its officials.
CNBC noted that officials described such scenarios as "unacceptable and dangerous," adding that vessels ignoring its instructions could face retaliation.
The guard's navy said only shipping routes approved by the country are allowed, and coordination with officials is mandatory.
The outlet detailed that the threat comes after a key naval information group proposed alternative routes on Saturday.
Transit is recovering despite the threats. Data provider Marine Traffic noted that 93 vessels made it through the strait last weekend, three times as much as the previous one, but still below historical averages.
The United Nations' maritime agency has also begun implementing a large-scale operation to evacuate more than 11,000 seafarers stranded aboard hundreds of vessels in and around the strait.
According to the International Maritime Organization (IMO), the evacuation effort will involve close cooperation among Iran, Oman, other Gulf coastal states, the United States, and the global shipping industry. "We will begin the implementation of the evacuation plan for over 11,000 seafarers still stranded in the region," IMO Secretary-General Arsenio Dominguez said in a statement announcing the operation.
