From Hormuz to Malacca: The toll risk hanging over oil markets
- The prospect of fees to transit the Strait of Hormuz has sparked alarm, not least by investors who fear it could be replicated in other maritime corridors.
- Janiv Shah, vice president of commodity markets at Rystad Energy, told CNBC that some investors were starting to get "a little bit jittery" about the possibility of tolls in the Strait of Malacca.
- The waterway provides the shortest sea route from East Asia to the Middle East and Europe.
Iran's push for control over the Strait of Hormuz has prompted some energy market participants to worry about the introduction of tolls on the Strait of Malacca, one of the world's most important energy and trade choke points.
It follows reports that Iran and Oman, which sit on opposite sides of the Strait of Hormuz, have presented the U.S. with a proposal to jointly administer the narrow maritime corridor, including the collection of administrative fees.
The Strait of Malacca, which is the primary choke point in Asia and Oceania, accounted for 29% of total maritime oil flows in the first half of 2025.
In April, Indonesia's Finance Minister Purbaya Yudhi Sadewa suggested the country could introduce tolls on ships using the Strait of Malacca, before walking back the idea.
Indonesia's President Prabowo Subianto and Singapore's Prime Minister Lawrence Wong both reaffirmed their commitment to the unimpeded passage of vessels through the strait shortly after a meeting in Indonesia's capital.
