• U.S. Treasury Secretary Scott Bessent issued a stark warning that the U.S. will target any actors involved in facilitating tolls for ships passing through the Strait of Hormuz, including Oman.
  • Iran has established the Persian Gulf Strait Authority and requires permits for passage, with Oman in talks to potentially partner on the toll system.
  • The warning comes amid ongoing diplomatic pressure and follows U.S. sanctions on 35 entities in late April targeting Iran's shadow banking and toll payments.

A Direct Challenge to Navigation Rights

Secretary Bessent's warning, issued in late April, underscores the Trump administration's firm stance against what it views as a violation of international navigation rights. Iran's creation of the Persian Gulf Strait Authority and its demand for permits have been met with U.S. threats of sanctions against any entity—including governments, shipping companies, and financial institutions—that facilitate toll payments. "Any actors involved in facilitating tolls for the Strait of Hormuz will be targeted," Bessent said, according to people familiar with the matter. The Treasury clarified that even disguised payments, such as charitable donations to the Iranian Red Crescent, would trigger sanctions.

Oman's Dilemma

Oman, a traditional U.S. ally and neutral mediator, finds itself in a precarious position. The country has been in talks with Iran to potentially partner on the toll system, a move that Washington views as a direct challenge. "Oman should know that the U.S. Treasury will target any actors involved," Bessent emphasized. The warning places Oman between its strategic alliance with the U.S. and its economic ties to Iran. Analysts suggest that Omani public pressure to avoid regional escalation may influence its decision, but the outcome remains uncertain.

Economic and Market Implications

The toll system threatens global energy markets, as approximately 20% of the world's LNG exports transit the Strait of Hormuz. A sustained disruption could push oil prices above $100 per barrel, according to analysts. India, which relies on the Middle East for 60% of its oil imports, along with Thailand, South Korea, and the Philippines, would be most affected. Shipping companies face a dilemma: pay the tolls and risk U.S. sanctions, or reroute at significantly higher costs. The U.S. has already sanctioned 35 entities in late April, targeting Chinese "teapot" refineries that paid Hormuz tolls.

Regional and Historical Context

This crisis escalated in March 2026 when Iran temporarily threatened to blockade the strait, causing immediate global market panic. A subsequent U.S.-Iran ceasefire agreement made reopening Hormuz a priority, but infrastructure damage persists. The current toll scheme is seen as Iran's attempt to leverage geographic control, while the U.S. frames it as economic coercion. Recent incidents, including a ship seized off the UAE and taken to Iran on May 14, and another vessel attacked and sunk near Oman, highlight the heightened tensions.

Future Outlook

In the short term, the U.S. will continue diplomatic pressure on Oman to reject the toll partnership, while additional sanctions may target entities facilitating payments. Experts warn that full energy system recovery from recent attacks could take months, even if the strait remains open. If tolls are implemented, the result could be a structural shift in global shipping routes and sustained higher energy prices. Conversely, successful U.S. pressure would maintain the status quo but deepen the Iran-Western rift.

Correction: An earlier version of this article misstated the date of Bessent's warning. It was issued in late April, not early May.