The story so far: In an escalation of the conflict on the Strait of Hormuz, Iran has attacked three ships, detaining two in its territorial waters. This is allegedly in response to U.S. forces seizing two ships, including a very large crude carrier linked to Iran, between Sri Lanka and Indonesia on the high seas.

Within a day of the war breaking out on February 28, transits across the Strait of Hormuz dwindled from some 100 vessels on a typical day to a handful. Iran put in place a system of allowing transits based on geopolitical considerations and a toll fee that media reports suggested ran to more than a million dollars per ship. India was among the biggest beneficiaries of the system, with Iran allowing some 10 Indian flagged ships and many foreign flagged ships carrying India’s oil and gas supplies to pass.