US Edition
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.
77 Articles
77 Articles
According to the newspaper, the tariff would be US$1 per barrel during a two-week ceasefire.
Iran Demands Bitcoin Payments for Strait of Hormuz Transit, Turning Crypto Into a Geopolitical Toll Mechanism
Iran is charging oil tankers $1 per barrel in bitcoin to cross the Strait of Hormuz, marking the first time a sovereign state has required crypto payment for access to a critical global shipping lane.
Crude Crypto Costs Could Keep Strait of Hormuz Clogged
Next up in the Strait of Hormuz saga: crypto fees. Iran will demand $1 per barrel of oil paid in crypto for passage through the Strait of Hormuz, an industry official told the Financial Times. Large tankers carry millions of barrels each, and as bitcoin’s price rises this week, that toll could become more costly. Tankers will have to email details about their cargo to Iranian authorities, who’ll calculate the bill, said Hamid Hosseini, a spoke…
Coverage Details
Bias Distribution
- 44% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
