this would be a worse crisis than we've just had; it'd put China (if not all of Asia) directly against the USA and would put Australia in a very peculiar spot.

While the crisis would be worse, I am not that sure that China will confront US on this militarily. So far they have stayed out of other's fights.

Iran charging a massive toll would also cause a crisis with the gulf states and they aren't going to tolerate it. This is much bigger than Iran vs US, and the idea they hold the cards for such a claim is mostly propaganda.

Just pointing out that for the volume of these ships, it's not really a massive toll. It's honestly a bargain, paid for in a really easy to stomach way by the people who allowed this to happen: Everyone else.

Doesn't explain why UAE, Qatar, Kuwait, Bahrian, and Saudis would tolerate a fee transiting the strait. Let alone why America would agree to that in negotiations given they have little incentive to agree to any large demands.

If that is agreed upon it's going to come with some concessions by Iran which is even less likely.

They'd tolerate it because they all poked a giant in the eye and it didn't go down. It's by far the cheapest route to peace any of them have.

USA could agree to it because it's not particularly dependent on that fuel supply and therefore would only pay the costs indirectly via market forces, which as the thief-in-chief pointed out, does (the parts he cares about of) their economy no harm as a net petroleum-product exporter, and above all else, they are losing the war.