Nine UKMTO reports in October; Iran toll payments risk U.S. sanctions

Market Context & Direct Impact

U.S. Treasury guidance treats Hormuz toll payments as a sanctions problem for shippers, banks and insurers. The Office of Foreign Assets Control (OFAC) released FAQ 1249 in late April. It says payments to the Government of Iran or the IRGC for safe passage would not be authorized for U.S. persons, and it warns that non-U.S. shipowners, banks and insurers could face exposure. OFAC did not say such payments are happening. The OFAC alert of 1 May then told service providers to ask counterparties who coordinated their transit and whether safe passage fees were or will be paid. On 27 May 2026, OFAC designated Iran's Persian Gulf Strait Authority under Executive Order 13224 and added it to the SDN list, which blocks property within U.S. jurisdiction.

Attacks keep rising while Hormuz oil flows recover, and insurance is the squeeze for Saudi cargo. Seatrade Maritime counted nine UKMTO reports in October to date, eight from Hormuz and one from Bab el Mandeb. Splash247 reports that 93 ships have been hit since late February. A tanker was attacked off Qatar on 8 October, the first reported attack outside the strait in this escalation. Splash247 also reports that oil exports through Hormuz have returned close to pre-war levels, a counter-fact for shippers who read the flows as recovery. Lloyd's List reports that Saudi-linked vessels can still secure charterers' liability cover, but at a higher cost.

Core Executive Takeaways

• Toll payments risk sanctionsPaying Iran or the IRGC for Hormuz passage is not authorized for U.S. persons, and non-U.S. counterparties face exposure under the same guidance.
• Threat still climbingNine UKMTO reports in October to date suggest the attack tempo has not eased.
• Insurance sets the costSaudi-linked tonnage can still be insured, but at higher premiums that need their own line in Gulf and Red Sea quotes.

Strategic Playbook

1. 1
   Screen Gulf counterparties

   Before each Hormuz booking, get written confirmation from carriers, agents and insurers that no safe passage fee has been paid or promised, and escalate any Iranian routing demand to compliance.

2. 2
   Reprice Saudi-linked legs

   Ask forwarders and charterers to show the war-risk terms for any Saudi nexus, and build the higher premium into Gulf and Red Sea freight quotes.

Filed 15:31 GMT, 11 October 2026, for the first edition of 11 Oct.
As agents only.

Sources

1. U.S. Treasury Warns Hormuz 'Toll' Payments to Iran Could Trigger SanctionsgCaptain, published 29 April 2026
2. U.S. OFAC Sanctions Persian Gulf Strait Authority - 27 May 2026Baltic Exchange, published 27 May 2026
3. U.S. Treasury Expands Hormuz 'Toll' Warning, Puts Maritime Industry on NoticegCaptain, published 1 May 2026
4. UKMTO issues four Hormuz attack warnings in four hoursSeatrade Maritime, published 5 October 2026
5. Twelve injured in latest Hormuz attackSplash247, published 7 October 2026
6. Tanker attack off Qatar widens Gulf shipping conflictSplash247, published 8 October 2026
7. Tanker attacks around Hormuz hit wartime highSplash247, published 6 October 2026
8. Marine insurers still providing charterers' war risk cover for Saudi-linked tonnageLloyd's List, published 24 August 2026

Claims ledger: 10 facts and where each comes from

• OFAC's FAQ 1249, released in late April 2026, says payments to the Government of Iran or the IRGC for Hormuz safe passage 'would not be authorized' for U.S. persons, including U.S. financial institutions.¹
• The same guidance warns non-U.S. shipowners, banks, insurers and other foreign counterparties could face sanctions exposure for certain transactions involving designated or blocked Iranian parties.¹
• OFAC did not state that such toll payments are occurring, according to the gCaptain analysis of the guidance.¹
• The May 1, 2026 OFAC alert tells service providers to ask counterparties who they coordinated with to transit Hormuz and whether any safe passage fees were or will be paid to Iran.³
• On 27 May 2026, OFAC sanctioned Iran's Persian Gulf Strait Authority under counterterrorism authority Executive Order 13224 and added it to the SDN list, which blocks property within U.S. jurisdiction.²
• UKMTO issued nine reports in October 2026 to date, eight of attacks in Hormuz and one in Bab el Mandeb, as of 5 October.⁴
• Since late February 2026, 93 ships have been hit and 24 seafarers killed, per Splash247's reporting of 7 October 2026.⁵
• A containership and a tanker were reported attacked; the Qatar-area tanker attack on 8 October was the first reported attack outside the Strait of Hormuz in the latest escalation.⁶
• Oil exports through Hormuz have returned close to, and on several days exceeded, pre-war levels, according to Splash247 on 6 October 2026.⁷
• Saudi-linked vessels can still secure charterers' liability cover despite new International Group exclusions, but at a higher cost, per Lloyd's List on 24 August 2026.⁸

Every figure above is tied to a cited source that was checked on the day of filing. Found an error? Tell the desk.