BREAKING: Iran has declared that ships cannot cross the Strait of Hormuz without its permission, setting the stage for future tolling arrangements by saying it could introduce “insurance fees," per Bloomberg. Details include: 1. All vessels that transit the Strait of Hormuz will have to secure a mandatory insurance policy 2. This policy is currently free for the next 60 days but could involve charges in the future 3. Iran also said ships must follow its prescribed route and that alternatives are prohibited The MoU signed with the US only says that transit through the Strait of Hormuz would be free for the duration of its 60 day term. It appears Iran is preparing for long-term control of Hormuz.(The Kobeissi Letter)