Iran eyes a new source of power deep beneath the Strait of Hormuz

Iran is pursuing control measures and new revenue streams for the Strait of Hormuz, with reports of a new authority and potential insurance schemes tied to the strait, alongside a plan to charge fees on submarine cables. Bloomberg reports Iran started a Bitcoin-backed insurance service for ships transiting Hormuz. Al Jazeera notes the formation of the Persian Gulf Strait Authority (PGSA) to manage the strait and provide real-time updates. CNN highlights a separate aim to charge fees on undersea cables passing through Hormuz. Washington Times and Al Jazeera both indicate talks or mechanisms to influence traffic through the strait. Disagreements exist on the exact institutional structures and feasibility, but sources broadly describe efforts to formalize control and monetize Hormuz transit.