Iran sets $1 per barrel crypto toll on tankers transiting via Strait of Hormuz: FT

Under the proposed system, tankers would be required to share cargo details via email. Authorities would then calculate a toll -- set at $1 per barrel -- to be paid in digital currencies such as bitcoin. Hosseini noted that vessels would be given only a short window to complete payment.

In Short

• Iran plans $1 per barrel toll on Strait of Hormuz oil tankers
• Payments to be made in cryptocurrency like bitcoin
• Ships must share cargo details before passage

Iran is looking to tighten its grip on one of the world’s most critical oil chokepoints amid the fragile ceasefire with the United States. According to a report by the Financial Times, Tehran plans to impose a $1-per-barrel toll on oil tankers passing through the Strait of Hormuz -- and wants payments made in cryptocurrency.

The proposal comes as global markets remain on edge. While the ceasefire has paused direct conflict, Iran appears determined to hold on to its leverage over shipping routes.

Citing Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, the FT reported that Tehran intends to monitor and regulate all vessels passing through the strait. The plan includes assessing each tanker’s cargo before granting passage.

"Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons," Hosseini said. He added that while ships would be allowed through, the process could take time, as Iran is "not in a rush".

Under the proposed system, tankers would be required to share cargo details via email. Authorities would then calculate a toll -- set at $1 per barrel -- to be paid in digital currencies such as bitcoin. Hosseini noted that vessels would be given only a short window to complete payment.

'NO PERMISSION, NO PASSAGE' WARNING TO TANKERS

The situation has been further complicated by warnings issued to vessels in the Gulf. According to the report, tankers received radio broadcasts cautioning that any ship attempting to pass without prior approval could face military action.

"If any vessels try to transit without permission, (they) will be destroyed," the broadcaster said.

Iran is also expected to push ships to move along routes closer to its coastline, a shift that raises the risk for vessels linked to Western or Gulf countries. With tensions still high and passage tightly controlled, many shipping companies are holding back, choosing to wait for clearer signals before moving cargo.

The future of the Strait of Hormuz has emerged as one of the most contentious issues in ongoing negotiations to extend the ceasefire. US President Donald Trump has said that any truce would depend on Iran ensuring the "complete, immediate, and safe opening" of the strait. Meanwhile, Iran’s Supreme National Security Council has proposed a new framework for secure passage under its supervision.

GLOBAL MARKETS ON EDGE

The uncertainty has left hundreds of vessels stranded. According to the report, around 400 ships are currently waiting in the Gulf, with executives likening the situation to a “car park”. Data indicates that millions of barrels of oil remain stuck, awaiting clarity on transit rules.

The uncertainty has effectively stalled movement across the Gulf, leaving hundreds of vessels waiting in limbo. Reports suggest close to 400 ships are lined up, with industry executives describing the situation as a "car park". Meanwhile, millions of barrels of oil remain stuck on board, as companies wait for clear rules on when and how transit can resume.

Shipping giant Maersk has said it is working urgently to assess the situation but is not yet ready to resume normal operations.

This comes after reports that Iran and Oman were exploring a plan to charge transit fees on ships moving through the Strait of Hormuz during a two-week ceasefire. However, Oman has pushed back firmly, stating that existing agreements do not allow any tolls on vessels using the key waterway.

- Ends