Iran will require oil tankers passing through the Strait of Hormuz to pay a transit fee, reportedly at $1 (4 ringgit) per barrel of crude oil, and payment must be made in cryptocurrency. This comes as Iran seeks to maintain control over the strategic waterway during a two-week ceasefire period.
Hossein Hosseini, spokesperson for the Iranian "Oil, Gas and Petrochemical Products Exporters' Association," told the UK's Financial Times on the 8th that Iran intends to levy a transit fee on all oil tankers passing through the Strait of Hormuz, with each vessel subject to assessment.
The final decision-making authority regarding conditions for passage through the Strait of Hormuz lies with Iran's Supreme National Security Council. Hosseini’s remarks suggest Iran will require all oil tankers to take a northerly route, closely hugging the Iranian coastline. This has raised concerns over whether Western and Gulf state vessels would risk passing through.
Later on the 8th, Iran announced the suspension of oil tanker passage through the Strait of Hormuz in response to Israeli attacks on Lebanon.
Before the suspension order was issued, Hosseini stated that all passing oil tankers must first report details of their cargo via email to the relevant authorities, after which Iran would notify them of the required cryptocurrency transit fee.
He noted that the charge is $1 per barrel of crude oil, while empty vessels may pass freely.
Hosseini added: "After receiving the email and completing the vessel assessment, the ship will have only a few seconds to pay via Bitcoin—this way, the transaction is less likely to be tracked or frozen due to sanctions."