Iranian lawmakers have approved a bill to impose fees on safe passage through the Strait of Hormuz, allowing tankers and cargo ships to buy their way through with companies linked to the Islamic Revolutionary Guard Corps (IRGC). The rules effectively give Tehran full control over the key trade route, which oversees the transport of 20% of the world's oil supply. The ships must provide detailed information about their vessel's ownership, flag, cargo, destination, and crew information before being transported through the strait. The IRGC then conducts background checks to ensure the ships have no links to the US or Israel. The starting price for passage is around $1 per barrel of crude, which can equate to $2 million for a large crude carrier.