Iran to Impose Crypto Tolls on Hormuz Oil Tankers

Iran has announced plans to impose transit tolls on oil tankers passing through the Strait of Hormuz during a two-week ceasefire, requiring payments in cryptocurrency to circumvent international sanctions. The strategic waterway, which handles about one-fifth of the world's oil trade, remains a focal point of tension following recent escalations between Iran and the United States.

Hamid Hosseini, spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters Union, confirmed the policy in statements to the Financial Times. The toll is set at $1 per barrel of oil carried, potentially amounting to around $2 million for a fully loaded supertanker. Empty tankers are exempt and can pass without charge. Hosseini emphasized that all vessels will be permitted to transit but must undergo individual inspections to verify cargo and prevent the strait from being used to transport weapons. "Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren't used for transferring weapons," he said.

Under the proposed system, tankers must submit detailed cargo information via email to Iranian authorities. Once approved after inspection, ships will receive payment...