Maths behind Hormuz toll: Is paying Iran for transit cheaper than blockade?

Since the start of the Iran war, the Strait of Hormuz has been closed to naval traffic, causing global economic losses. Before the war, between 120 and 140 ships passed through the strait daily, carrying about 20 million barrels of oil. Iran recently announced the formation of the Persian Gulf Strait Authority to manage transit and has begun charging transit fees as high as $2 million per ship.