Iran is aiming to strengthen control over a vital oil passage amidst a delicate ceasefire with the United States. As per a report from the Financial Times, Tehran is proposing a $1-per-barrel fee on oil tankers traversing the Strait of Hormuz, with payments to be made in cryptocurrency.
While the ceasefire has halted direct confrontations, Iran is firm on asserting its influence over shipping lanes, causing global market concerns. Iran plans to supervise and regulate all vessels passing through the strait, examining each tanker’s cargo prior to allowing passage.
The proposed system requires tankers to disclose cargo details via email for toll calculation, which is fixed at $1 per barrel and payable in digital currencies like bitcoin. Vessels are given a brief timeframe to complete the payment process.
In a further complication, tankers in the Gulf have been warned against unauthorized passage, with potential military repercussions for violators. Iran may redirect ships closer to its coast, increasing risks for vessels associated with Western or Gulf nations. This strict control over passage has led many shipping companies to delay operations until clearer directives are issued.
Negotiations to extend the ceasefire are contentious, with US President Donald Trump emphasizing the importance of ensuring a secure opening of the strait for any truce. Iran’s Supreme National Security Council has proposed a new supervision framework for safe passage.
The uncertainty has halted maritime traffic in the Gulf, leaving hundreds of ships idle, creating a backlog akin to a “car park.” Millions of barrels of oil remain stranded onboard ships as companies await clarity on resuming transit operations.
Shipping leader Maersk is actively assessing the situation but is not prepared to resume normal activities yet. Reports of a potential transit fee plan between Iran and Oman during the ceasefire have surfaced, but Oman has refuted the notion, citing existing agreements that prohibit tolls on vessels using the waterway.
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