Iran has announced it will require shipping companies to pay tolls in cryptocurrency for oil tankers passing through the Strait of Hormuz during the ongoing two-week ceasefire, the Financial Times reports. Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said authorities will assess each tanker to ensure the temporary truce is not used for transferring weapons, and that vessels must follow a northerly route close to Iran’s coastline.
According to Hosseini, any tanker wishing to transit the strait must email Iranian authorities with cargo details. Iran will then set a toll of $1 per barrel payable in bitcoin, with empty tankers allowed to pass freely. The process is designed to prevent tracking or confiscation under international sanctions. A radio broadcast to tankers in the Gulf warned that ships attempting to transit without approval would be destroyed.
The ceasefire has raised complex negotiations over control of the strait, a vital artery for global oil supplies. Donald Trump emphasized that the truce depends on “the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” while Iran’s Supreme National Security Council has outlined a protocol for secure passage in coordination with its armed forces.
Western ship owners, including Maersk, are exercising caution, with only a few Iran-linked vessels currently transiting. Analysts warn that allowing Iran to maintain control could provoke Gulf states such as Saudi Arabia, Qatar, and the UAE, and may shift the balance of power within Opec+ by granting Tehran potential influence over rival members’ exports.
Industry sources report that roughly 300 to 400 tankers are waiting in the Gulf to transit the strait, but only 10 to 15 vessels may pass per day due to the time-intensive inspection and tolling procedures. Analysts describe the backlog as unlikely to clear within the ceasefire period, leaving global oil flows highly constrained and markets on edge.
