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Iran demands $1 per barrel of oil passing through Strait of Hormuz, paid in crypto
Shipping companies must pay in digital currency as Iran seeks to monitor traffic and charge $1 per barrel on oil tankers, officials said.
- On Wednesday, Iran announced a $1-per-barrel toll for oil tankers transiting the Strait of Hormuz during a two-week ceasefire, requiring payment in bitcoin. Empty vessels are exempt, according to industry spokesperson Hamid Hosseini, Iran's Oil, Gas and Petrochemical Products Exporters Union.
- An overnight ceasefire between the United States and Iran prompted the policy, aiming to reopen the critical shipping lane after threats of military strikes. Negotiators established the tolling framework to bypass traditional financial networks while maintaining cargo monitoring, Hosseini added.
- Tankers must email cargo details to Iranian authorities for assessment before receiving a payment request and have only seconds to pay in bitcoin. Radio broadcasts separately warned vessels that unauthorized transit attempts would result in military strikes, signaling stringent enforcement.
- While the Iranian navy claims the strait remains shut, maritime monitoring firm Marine Traffic reported two vessels successfully transited the corridor on Wednesday. This divergence raises uncertainty about enforcement and the ceasefire's actual viability.
- Analysts warn that granting Iran control over the waterway could alter the balance of power within Opec, potentially giving Tehran a veto over rival members' exports. Meanwhile, U.S. Vice President JD Vance characterized the ceasefire as "fragile" amid ongoing sporadic attacks.
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Iran wants to levy tolls in cryptocurrency on ships wishing to sail through the Strait of Hormuz during the ceasefire. In addition, Iran wants every ship…
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Iran Gives Approved Hormuz Shippers “Few Seconds” to Submit Payment in Bitcoin
(Zero Hedge)—Iran plans to require shipping companies to pay transit tolls in Bitcoin for vessels passing through the Strait of Hormuz, according to a Financial Times report. As Micah Zimmerman reports for BitcoinMagazine.com, this links bitcoin to one of the world’s most critical energy corridors and current events. The policy would apply to oil tankers seeking passage during a two-week ceasefire between Iran and the United States, announced af…
Coverage Details
Total News Sources35
Leaning Left3Leaning Right4Center7Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 21%
C 50%
R 29%
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