Iran’s closure of the Strait of Hormuz in the Middle East has turned the spotlight on a strategic waterway thousands of miles away in Southeast Asia, with littoral states having different ideas on how to control their stake.

Indonesian officials last week flirted with the idea of imposing tolls for passing vessels in the Strait of Malacca. Malaysia and Singapore, however, have insisted that navigation in the vital corridor remains free.

The likelihood of tolls in the strait is low thanks to...