Strait of Hormuz och Öresundstullen; Global capital markets are OK with this.
What If the Strait of Hormuz Was the English Channel?
Here’s a thought experiment. Britain votes to “take back control” by leaving the European Union. Then it announces that all ships passing through the English Channel must pay a toll.
To enforce the charge on the 600 ships that cross the narrow waterway each day, it stations missile launchers on the white cliffs of Dover.
Ships at anchor in Dover and Folkestone stand ready to lay mines in the Channel. The Royal Navy intercepts fare-dodgers with speedboats and drones.
As the howls of protest amplify, the British government offers to share the proceeds with the French authorities on the other side.
Amid the fog that surrounds the US-Iran ceasefire deal, Tehran is asserting the principle that it can exert control and levy charges over shipping in the Strait.
Entering this weekend’s negotiations, that appears to have been tacitly accepted.
Global capital markets are OK with this.
Even as it grew steadily more apparent that Iran expected to extract fees and that traffic had not resumed, markets rallied. US stocks rose seven days in a row, their longest such streak in six months.
A charge to use Hormuz, it appears, is in the price and investors can live with it.
A close comparison to Hormuz is the Danish Straits, the tight passages (at one point as narrow as four miles) that control entry to the Baltic Sea.
Markets can accept a tacit deal to pay Iran if the “tail risk” of major destruction of oil fields and production facilities can be avoided.
If continued restrictions keep oil prices too high for comfort for a matter of months, that judgment will be tested.
John Authers Bloomberg April 10, 2026
Tillbaka till 10 april
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