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Iran demands $1 per barrel of oil passing through Strait of Hormuz, paid in crypto
Iran will require tankers to pay in bitcoin after assessing each vessel, while empty ships can pass free under the new Hormuz arrangement.
- 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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"Pay in Bitcoin for Tolls," Iran Tightens Control of Hormuz Despite Ceasefire; Demands Cryptocurrency Payments from Oil Tankers, Limiting Daily Passage to About 10 Vessels. Although the U.S. and Iran have agreed to a two-week temporary ceasefire, Iran continues to strengthen its control over the Strait of Hormuz by demanding cryptocurrency tolls and restricting ship passage.
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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Coverage Details
Total News Sources50
Leaning Left5Leaning Right5Center7Last UpdatedBias Distribution41% Center
Bias Distribution
- 41% of the sources are Center
41% Center
L 30%
C 41%
R 29%
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