Iran Demands Crypto Tolls for Hormuz Transit

The Islamic Republic broadcast a radio message to all oil ships, stating that unauthorized vessels "will be destroyed." Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, confirmed that vessels must email authorities about cargo, after which Iran's Supreme National Security Council alerts them about the toll, payable in Bitcoin to avoid tracing or confiscation due to sanctions. This move contradicts US President Donald Trump's call for the "COMPLETE, IMMEDIATE, and SAFE OPENING" of the Strait, which typically handles around 20 percent of the world's oil and gas.

Western ship owners, including Maersk, are adopting a cautious approach, with no tankers currently braving transit apart from two linked to Tehran. Shipping analyst Lars Jensen of Vespucci Maritime expects vessels to exit the Persian Gulf but few to enter, fearing the ceasefire's instability.

The closure has already led to a spiraling global energy crisis and surging crude prices, with experts warning that oil tankers will continue avoiding the Strait, meaning high fuel prices persist. Gulf states like Saudi Arabia, Qatar, and the UAE find Iran's control unpalatable, and Ali Shihabi, a commentator, stated that "unimpeded access through the strait" is a red line.