TEHRAN: In a provocative move amidst a ceasefire, Iran announced that it will demand shipping companies pay tolls of up to $2 million in cryptocurrency for oil-laden tankers transiting the critical Strait of Hormuz. The announcement was made by Hamid Hosseini, spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union.

Iran’s toll is set at $1 per barrel of oil, which means fully laden supertankers could face substantial fees. Notably, empty tankers will be allowed to pass freely, but those carrying cargo will be required to submit cargo details to Iranian authorities and make payments in Bitcoin (BTC). Hosseini emphasized that the payment window will be extremely short, ensuring that transactions are not easily traced or seized under international sanctions.

This development signals Iran’s intent to challenge the petrodollar system by pushing for crypto payments, circumventing U.S. sanctions and potentially setting a precedent in the global oil trade. The Iranian government’s demand for cryptocurrency payments is a strategic maneuver to retain control over this vital waterway, despite ongoing ceasefire negotiations.

As the situation unfolds, Iran has been explicit in its warning to tankers, stating that vessels attempting to pass through the Strait without prior approval will face military strikes. In response, the Supreme National Security Council of Iran is championing a new protocol to coordinate security oversight for maritime transit through the Strait. The implications of this stance are significant, shaping not only the feasibility of the ceasefire but also the future of global oil transport through one of the world’s most strategically crucial channels.