Iran’s paramilitary Basij says the Strait of Hormuz is “under Iran’s control and management”, Fars News reports

Assertions of control over the Strait of Hormuz from Iranian state-affiliated outlets are a recurrent feature of periods of heightened tension, and the phrasing matters more than the content: a claim of 'control and management' from the Basij via a semi-official agency is signalling, not interdiction. Historically the distinction that has driven crude and freight pricing is between rhetoric of this kind and actual kinetic interference with tanker traffic, whether seizures, harassment by fast boats, or mining threats; the former has tended to add only a modest, often fading risk premium, while the latter has moved prompt spreads, VLCC rates, and war-risk insurance premia simultaneously. The Basij is a paramilitary volunteer force rather than the naval arm that would execute any closure, so attribution to it rather than to the regular navy or the IRGC navy reads as posturing on past form. The transmission channel, when such episodes escalate, runs through insurance and rerouting costs on Gulf loadings before it reaches outright supply loss, since a large share of seaborne crude and LNG transits the chokepoint and there is limited pipeline bypass capacity. The tells worth watching are any corresponding move in tanker rates and war-risk quotes, advisories to shipping, and whether the language is picked up by senior officials or remains at this level. As it stands this is rhetoric consistent with prior episodes that did not result in disruption.