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Iran now demands $2 million for passage through the Strait of Hormuz, and some ships have already paid.  

You could call it protection money. Or a toll, a fee, or even extortion. Iran is demanding $2 million per passage through the Strait of Hormuz, and apparently, ship owners have already paid this sum. According to sources familiar with the matter, payments of up to $2 million per trip are being demanded on an ad-hoc basis, Bloomberg News reports. This effectively creates an informal toll for the waterway. Some ships have reportedly already paid the fees, though it remains unclear what mechanism was used and in what currency. 

No systematic approach is apparent so far. The payments highlight Iran's influence over the Strait of Hormuz, through which roughly one-fifth of the world's oil and gas, as well as large quantities of food, metals, and other goods, are transported daily. According to reports, the payments are being handled discreetly. There is a lack of transparency and uncertainty. Since the start of the war, only a small number of ships have passed through the waterway, predominantly vessels with ties to Iran. 

India, which has escorted four ships carrying liquefied natural gas (LNG) from the Persian Gulf through the Strait of Hormuz, declared on Tuesday that international law guarantees “freedom of navigation” through the strait and that no one may charge fees for its use. The Iranian Foreign Ministry did not immediately respond to a Bloomberg request for comment, with government-imposed restrictions on telecommunications and internet access hindering access. 

While Iran currently levies the fees on a case-by-case basis, according to a person familiar with the matter, there are considerations to formalize them as part of a broader post-war agreement. Last week, an Iranian member of parliament stated that parliament was working on a proposal that would require states to pay for the use of the Strait of Hormuz as a safe shipping route. 

For Arab oil producers in the Gulf, even an informal toll is reportedly unacceptable, as it raises questions of sovereignty, its symbolic impact, and the potential instrumentalization of a key trade route for their energy exports. 

FMW/Bloomberg 

Within the next six days, these ships are expected to reach their destination ports and unload the transported liquefied natural gas (LNG). The full impact of the blockade is therefore not yet being felt, but will become apparent later. Asia, in particular, will notice the export bottlenecks significantly. According to the Financial Times, citing an analysis by the shipping company Affinity, six LNG tankers are still en route to Europe. One is heading towards Asia. For households in Germany, this means that gas prices could rise considerably again next winter, especially for new customers. The last LNG tankers from the Gulf region will soon arrive at their destination ports. Afterward, shortages are likely. Here's how consumers can protect themselves against heating costs. 

The most important points in brief:  

• The blockade of the Strait of Hormuz is slowing LNG deliveries from the Persian Gulf. 
• Asia is competing more fiercely with Europe for scarce gas supplies. 
• This could increase the cost of filling gas storage facilities – and later your heating bills. 
• Those who compare gas prices now and sign up for a tariff with a price guarantee can save money. 

Asian countries are already frantically either buying up the spot market or ramping up alternative energy sources. Germany and Europe are not as badly affected, but will have their own problems with a view to the coming winter. 

No more LNG from the Gulf – how the blockade affects Germany 

There are two reasons for this. Firstly, Germany already imported more gas from Norway and the Arab states. Secondly, spring has begun and consumers are using less heating. Gas demand is therefore decreasing. 

However, there are also two problems. Asian countries are increasingly entering into direct competition with Europe. There have already been instances where Asia has bought up certain LNG shipments even though they were already en route to Europe. The tankers then changed course at short notice. 

Level restrictions as an obstacle – gas is becoming more expensive 

The second problem is filling the gas storage facilities for the winter of 2026/2027. Normally, traders take advantage of the low gas prices in summer to buy in bulk. Therefore, there would always be enough gas in Europe's storage facilities in winter. This is no longer possible due to the fill level regulations. 

The Iran conflict has stifled gas supplies from Qatar and driven up wholesale prices – thus bringing America into focus as an extended energy savior for Europe. 

The oil company BP estimates America's natural gas reserves at 12.6 trillion cubic meters in a statistical overview. Gas from the Persian Gulf plays no significant role in Germany's supply; LNG is primarily sourced from the USA. 

Norway delivers the majority of its natural gas via pipeline, supplemented by shipments from the Netherlands and Belgium. Approximately ten percent of imports arrive via the new LNG terminals on the North Sea and Baltic Sea coasts, and there is still potential for expansion in this area. 

And this is precisely where the Utah Oil and Gas Company and its cooperation partners come in, in order to provide Europe with energy security and stability in the medium term through contractual deliveries of the existing resources in the Midwest of the USA. 

Three diesel tankers have reversed course in the Atlantic and are now heading for the African mainland. Rising oil prices are leading to such maneuvers. This is not the first incident of its kind. 

Due to rising energy prices, oil and gas tankers are constantly changing their destinations. Europe is competing primarily with Asian countries. Three diesel-laden oil tankers en route to Europe changed course in the Atlantic on Monday. 

According to Vortexa and ship tracking data analyzed by Bloomberg, the ships "Aliai," "Minerva Vaso," and "Grand Ace6" refueled with diesel in the US in recent weeks. All three were en route to Europe – the latter two heading for Amsterdam, and the "Aliai" towards Gibraltar. 

All ships in the Atlantic have now changed course: The "Grand Ace6" is now heading for Lomé in Togo, West Africa, while the other two ships are making their way towards South Africa. These ports are known for tankers stopping there on their way to Asia. 

Both Europe and Asia rely on imports for fuel. Europe only produces part of the fuel it needs in refineries. 

Europe also receives a large portion of its crude oil from Norway and the USA. However, since Asian countries normally import a significant portion of their energy from the Gulf States, Europe is now in direct competition for the remaining supplies. 

Europe is competing with Asia for gas. 

This incident is not the first of its kind. At the beginning of March, a gas tanker en route to Europe was diverted to Asia. Due to the war, there is significantly less gas available on the world market, and Europe is competing with Asia for the remaining supplies. China, for example, recently received 30 percent of its gas from Qatar. 

Typically, traders clarify their delivery destination before the ship departs, said Walter Boltz, a consultant at the law firm Baker McKenzie. "But if an importer urgently needs gas, ships already en route are also contacted. Then it's determined whether the original or the new customer will pay more, and the ship may then change its route." 

According to experts, in the incident at the beginning of March, a customer from Asia probably offered more money than the original buyer from Europe. Deliveries over longer distances cost more. But the higher the price of gas, the less important transport costs are. 

In some Asian countries, the pressure to pay high prices for gas imports is likely to be particularly intense. Boltz says: “Some Asian countries cannot maintain their electricity supply without gas deliveries. Furthermore, they lack large gas storage facilities. These countries are buying gas at any price.” 

Um die Gasversorgung zu sichern und Deutschland wettbewerbsfähiger zu  machen, setzt die Bundeswirtschaftsministerin neben langen  Vertragslaufzeiten auch auf möglichst viele Lieferanten.

Bundeswirtschaftsministerin Katherina Reiche will die Gasversorgung Deutschlands mit langlaufenden Lieferverträgen  absichern. Es brauche mehr Abschlüsse mit möglichst vielen Lieferanten,  sagte die CDU-Politikerin am Montag in Berlin, um „die Versorgungssicherheit in Deutschland und Europa zu erhöhen“. 

Der verstaatlichte Gasversorger Sefe werde eine Ausschreibung für  Flüssiggaslieferungen (LNG) in den Jahren 2027 bis 2036 ankündigen.  Diese Lieferungen sollten vor allem nach Deutschland, Frankreich, die  Niederlande und Belgien gehen und seien nicht für Ziele außerhalb  Europas bestimmt. Aber genau hier liegt der Knackpunkt. Es gibt nicht ausreichend Erdgasproduzenten in Europa, die diese Mangen zur Verfügung stellen können. 

Die  Ausschreibung richte sich sowohl an LNG-Produzenten als auch an  Marktakteure und werde bereits am Dienstag starten, kündigte Sefe an.  „Mit diesem LNG-Tender wollen wir gezielt Marktteilnehmer ansprechen, um  Lieferunterbrechungen im Nahen Osten abzufedern und die  Versorgungssicherheit Europas zu stärken“, sagte Frédéric Barnaud, CCO  von Sefe.

Wirtschaftsministerin  Reiche erklärte zudem, der Energiekonzern VNG aus Leipzig werde mehr  Gaslieferungen aus Algerien beziehen als bisher geplant.

The price of a barrel of oil rose from $75 to $115 in March – and it could get even worse. Since the Houthis intervened in the war with Iran, a key transport route is under threat. 

The month of March has come to an end, and the oil market's performance is grim: The price of crude oil is likely to have risen by almost 50 percent in March. 

On Monday alone, the price of Brent crude temporarily climbed by around three percent to $115 per barrel. 

The war between the US, Israel, and Iran is now entering its fifth week, but there is still no end in sight to the oil crisis. Analysts warn that prices could rise further and reach new record highs, as a key alternative route for Saudi oil is now also at risk.