You're absolutely right that the ratification of laws isn't of consequence here and that we live in the real world.

And in this real world Iran has successfully exerted their will over the waterway and is clearly in control of it.

That's real and that's not going away so countries will continue to pay them because they have no choice.

Iran is holding all the cards here.

How many "cards" will they be holding with no functioning infrastructure to speak of?