Iran demands crypto fees for ships passing Hormuz during cease fire

Country's oil exporters' union says toll to be paid in cryptocurrency and vessels monitored for weaponsAuthor of the article:You can save this article by registering for free here. Or sign-in if you have an account.Iran will demand that shipping companies pay tolls in cryptocurrency for oil tankers passing through the Strait of Hormuz, as it seeks to retain control over the key waterway during the two-week cease fire.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, told the FT on Wednesday that Iran wanted to collect toll fees from any passing tanker and to assess each ship.“Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons,” said Hosseini, whose industry association works closely with the state.“Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush,” he added.Decisions on the conditions for passing the strait are taken by Iran’s Supreme National Security Council. Hosseini’s remarks suggest Iran will require any tankers to use the northerly route close to its coastline, raising questions over whether western or Gulf state-linked vessels will be willing to risk transit.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 that the tariff is US$1 per barrel of oil, adding that empty tankers can pass freely.“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,” Hosseini added.Tankers in the Gulf on Wednesday received a radio broadcast that warned they would be targeted with military strikes unless they first gained approval from Iranian authorities.“If any vessels try to transit without permission, (they) will be destroyed,” said the broadcast, which is in English, according to a recording shared with the FT.The fate of transit through the strait is one of the thorniest issues facing negotiators as they try to turn a temporary cease fire into a prolonged peace, with Iran’s desire to retain leverage over the key waterway clashing with fierce opposition from the U.S.’s allies in the Gulf.U.S.

President Donald Trump said on Tuesday night that the cease fire was contingent on “the Islamic republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” according to a social media post.A statement from Iran’s Supreme National Security Council listed 10 points that form the basis for negotiations with the U.S., including a new “protocol for secure passage” through the strait in co-ordination with Iran’s armed forces.Western ship owners said on Wednesday they were taking a cautious approach while waiting for details on how and whether the strait might reopen, with no vessels currently braving the transit apart from two linked to Iran.Maersk, the world’s second biggest shipping line, said it is “working with urgency” to clarify the terms.“The cease fire may create transit opportunities, but it does not yet provide full maritime certainty,” the company said, adding that it would continue to take a “cautious approach” with cargoes and was not yet making changes to specific services.Allowing Iran to continue to control the crucial waterway is likely to be highly unpalatable to Gulf states including Saudi Arabia, Qatar and the United Arab Emirates (UAE).It also raises questions for OPEC+, the oil producers’ group, with analysts warning that handing Iran control of Hormuz could fundamentally alter the balance of power within the organization by giving Tehran a potential veto over rival members’ exports.Ali Shihabi, a commentator close to the Saudi royal court, said the kingdom would demand “unimpeded” access to global markets.“Allowing Iran any form of control over the strait would be a red line,” Shihabi said. “The priority has to be unimpeded access through the strait.”On Wednesday, despite the cease fire, Saudi Arabia’s key East-West pipeline, which the kingdom has been using to reroute oil exports to the Red Sea, was struck by a drone according to people familiar with the matter.Around 175 million barrels of crude and refined products are currently loaded onto 187 tankers in the Gulf, according to Kpler data — which could now start to move, depending on what happens in the strait.Industry executives estimate that 300 to 400 ships are waiting to exit the Gulf as soon as it is possible to pass safely, with one describing it as a “car park.”Several traders said they thought the situation in the coming days would resemble the system that has developed over the past fortnight, in which a handful of ships that have been approved by Iran are allowed to pass on a specific route.During the conflict, this was largely limited to vessels that had done business with Iran and were not connected to the U.S., Israel or the Gulf states that had provided staging for attacks.Martin Kelly, head of advisory at maritime intelligence group EOS Risk, said there was “no way” that the backlog of ships waiting to get out could be cleared in two weeks.Around 10 to 15 ships might be able to transit the strait per day, down from 135 ships before the war, as the process was now “quite time consuming,” he said.Additional reporting by Andrew England© 2026 The Financial Times LtdPostmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.