Iran Announces $1-per-Barrel Toll for Hormuz Oil Transit

Iran announced plans Tuesday to impose a toll of $1 per barrel of oil on tankers transiting the Strait of Hormuz, requiring payments in Bitcoin or other cryptocurrencies as part of a two-week ceasefire with the United States. The measure, outlined during the fragile truce that began on April 8, aims to regulate passage through the vital waterway while allowing Iranian authorities to monitor cargo and prevent smuggling. The Strait of Hormuz, a narrow chokepoint between the Persian Gulf and the Gulf of Oman, handles nearly one-third of the world's seaborne oil trade.

Hamid Hosseini, spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters Union, explained the process to reporters. Tanker operators must first email details of their cargo to Iranian authorities for assessment. Upon approval, vessels receive a brief window of seconds to complete the payment to an Iranian wallet, a design intended to make transactions difficult to trace or seize amid international sanctions. Fully loaded supertankers, carrying up to two million barrels, could face fees approaching $2 million, equivalent to about 281 Bitcoin at current prices. Empty vessels are exempt from the charge, and...