Iran plans crypto toll on oil tankers through Strait of Hormuz during ceasefire, FT reports

Iran is planning to impose toll payments in cryptocurrency on oil tankers passing through the Strait of Hormuz as it seeks to maintain control over the waterway during a two-week ceasefire, according to a report by the Financial Times.

A spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union said authorities intend to charge $1 per barrel of oil for tankers transiting the strait, with payments to be made in digital currencies after clearance.

Under the proposed mechanism, shipping companies would be required to notify Iranian authorities of cargo details in advance, after which toll charges would be communicated. Payments would need to be completed within seconds to allow passage.

Iran also plans to monitor vessel movement closely, citing security concerns. Officials indicated that all ships would undergo checks before being granted permission, which could slow transit times.

The process may require vessels to use routes closer to Iran’s coastline, raising concerns among Western and Gulf-linked shipping operators about operational risks.

Shipping activity remains constrained, with industry participants reporting that most vessels are waiting for clarity on transit conditions. Estimates suggest that 300 to 400 ships are currently awaiting passage, while about 175 million barrels of crude and refined products are loaded on tankers in the Gulf.

Analysts said that under current conditions, only 10 to 15 ships may be able to pass through the strait per day, compared to around 135 vessels before the conflict, due to additional clearance procedures.

Major shipping companies have indicated a cautious approach, stating that the ceasefire has not yet restored full certainty for maritime operations.

The issue of access to the Strait of Hormuz remains a key point in ongoing negotiations, with regional stakeholders seeking unrestricted passage while Iran aims to retain oversight of transit during the ceasefire period.