Ayesha Tariq, CFA@AyeshaTariq
Technically, Iran has no legal basis to charge fees or close the Strait.
Egypt's right to charge tolls for the Suez Canal is part of the 1888 Constantinople Convention, which also guarantees freedom of navigation for all nations.
Egypt was granted ownership and sovereignty of the Suez Canal by the United Nations.
The Strait of Hormuz is a natural international strait, not a man-made canal like the Suez.
Under UN convention, all ships have an unconditional right of transit passage through the Strait.
Most importantly, the Suez has an alternative - going around Africa, albeit a longer route. The Strait of Hormuz has limited alternatives, as we have quickly found out.