New Delhi: Global oil prices fell sharply while stock markets rallied after the United States and Iran agreed to a conditional two-week ceasefire, easing geopolitical tensions. Benchmark Brent crude dropped below $100, falling nearly 15.9 per cent to $92.30 per barrel, while US-traded oil declined about 16.5 per cent to $93.80. The sharp decline in […]

Iran will charge tankers $1 per barrel in bitcoin to cross the Strait of Hormuz during a two‑week US ceasefire

April 8 (UPI) -- Global oil prices tumbled after the United States, Israel and Iran agreed to a Pakistan-brokered two-week cease-fire deal that included reopening the Strait of Hormuz to international shipping.

Only a few vessels have crossed the strait since the US-Iran ceasefire deal, according to BBC Verify analysis.

Asian shares surged in Wednesday trading, as oil prices plunged after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz. Japan’s benchmark Nikkei 225 gained 2,878.86 points, or 5.39 percent, from Tuesday to close at 56,308.42. Australia’s S&P/ASX 200 jumped 2.6% to…

Prime Minister Rob Jetten cautioned that the impact on energy prices could be felt in households for many months, even after the Middle East ceasefire. “We shouldn’t underestimate this,” he said. Energy firms have also warned that although the ceasefire is a positive development, it will take a while before the market becomes stable again.

Japan's benchmark Nikkei 225 rose 4.8% and South Korea's Kospi gained 5.6%. Futures for the S&P 500 advanced 2.3% as of 9:30 pm EDT, while Dow futures rose 2%.

Global markets rallied on Wednesday as oil prices dropped sharply following news of a temporary ceasefire between the United States and Iran. US President Donald Trump said he had agreed to suspend...

The Iran war has stalled shipments of oil and its products through the Strait of Hormuz, raising concerns among Chinese manufacturers about supply chain disruptions.

The Strait of Hormuz, a narrow waterway separating the Persian Gulf from the Gulf of Oman, is one of the most crucial maritime passages

Wall Street surged in Wednesday premarket trading as oil prices plunged 16% after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz.

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.

The Strait of Hormuz remained vital to global oil supply, with tensions raising fears of disruption to shipments and potential impacts on energy markets.

Crypto market update: Iran charges stablecoin tolls on Hormuz tankers, but BTC has underperformed gold as a war hedge since February 28

The Strait of Hormuz, the vital artery for global oil transit, has been effectively closed since the Iran war started in late February.