$1 per barrel in crypto: Iran’s plan to charge ships crossing Strait of Hormuz; How it’ll work

Iran plans to charge oil tankers $1 per barrel in cryptocurrency to pass through the Strait of Hormuz during a two-week ceasefire, according to a report by the Financial Times on Wednesday.

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The proposal would require shipping companies to notify Iranian authorities of cargo details in advance and pay tolls digitally before receiving clearance to pass through the strategic waterway.

Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said Tehran intends to monitor all vessel movement during the ceasefire. “Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons,” he told the FT. “Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush.”

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How the toll system will work

– Tankers must email Iranian authorities with cargo details

– Iran will assess each vessel before granting passage

– A toll of $1 per barrel will be charged

– Payments must be made in cryptocurrency, including bitcoin

– Empty tankers will be allowed to pass without charge

Hosseini said that each tanker must email authorities about its cargo, after which Iran will inform them of the toll to be paid in digital currencies. He said vessels would be given only seconds to complete payment after approval.

“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” he said, adding that the tariff is $1 per barrel of oil. 

Decisions on transit conditions are being handled by Iran’s Supreme National Security Council.

Warning to ships in the Gulf

Ships in the Gulf have already received direct warnings. A radio broadcast, cited by the FT, told vessels they would be targeted if they attempted to cross without approval. “If any vessels try to transit without permission, [they] will be destroyed,” the message said.

Ceasefire terms and control of passage

After the ceasefire with the US, Iran’s Foreign Minister Seyed Abbas Araghchi said safe transit during the ceasefire would depend on coordination with Iranian forces. “For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s armed forces and due consideration of technical limitations,” he said in an official statement posted on X.

A statement from Iran’s Supreme National Security Council outlined a proposed “protocol for secure passage” as part of negotiations with the US.

 US response and possible joint plan

US President Donald Trump had earlier said the ceasefire depended on “the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz”.

However, ABC News reported that Washington may be open to a shared arrangement. ABC’s Jonathan Karl said Trump indicated a possible joint toll system. “We’re thinking of doing it as a joint venture. It’s a way of securing it – also securing it from lots of other people,” Trump told Jonathan. “It’s a beautiful thing.”