The Weapon of Frozen Assets: A New Instrument of Maritime Financial Warfare

The Hormuz conflict of March 2026 triggered a systemic immobilization of maritime traffic in the Persian Gulf through a convergence of Iranian transit permit requirements, war-risk insurance repricing (up to 5% of hull value per transit), and legislative formalization via the newly created Persian Gulf Strait Authority — rendering approximately 140 million barrels of oil and ~1,600 vessels effectively stranded. The Strait of Hormuz remains disrupted as of the article's writing (early June 2026), with operators facing commercially unviable transit conditions and significant sanctions exposure for compliance with IRGC toll demands.