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Iran calls US interdictions piracy. The US calls Iran’s toll extortion. Both are arguing over a treaty, UNCLOS, that neither has ratified. That is the institutional core of the crisis: a dual blockade of one-fifth of global seaborne energy, invoking legal norms from a treaty both parties have explicitly declined to join. The flag states of the trapped ships have no tribunal. A ceasefire reopens the water. Only a treaty resolves the governance vacuum.

PM Mitsotakis called Iran’s Hormuz tolls completely unacceptable on 8 April. Nine days later a Greek owned VLCC, the Atokos, transited the strait by paying Iran. Greek shipowners hold roughly 20 percent of world merchant tonnage. The gap between diplomatic rejection and commercial payment is exactly what a legitimate multilateral authority resolves.