Now, the United States is the one shutting the Strait of Hormuz, even as President Donald Trump was calling for it to reopen just a few days ago. He said ships entering or leaving Iranian ports would be stopped by the navy after talks between Tehran and Washington fell apart.

However, this is not just about a blockade. Iran is tightening its grip on the strait, demanding the right to impose tolls on ships passing through it.

The ripple effects could go beyond energy and trade flows, challenging the dominance of the US dollar in global shipping.