Iran's Tolling Regime On Hormuz Chokepoint Would Set "Dangerous Precedent," IMO Warns
The ceasefire deal in the six-week US-Iran conflict remained in doubt by late week, as Israel intensified its bombardment of Beirut, Tehran kept the Hormuz chokepoint closed, and negotiators prepared to meet on Friday even as both sides declared victory.
Reports of attacks on one of Saudi Arabia's Red Sea ports, alongside the continued closure of Hormuz, did little to reassure traders in the overnight session. Risk sentiment remained fragile on Thursday morning, with equities across Asia and Europe trading lower and U.S. equity futures subdued. Brent crude hovered around $98 per barrel.
With the Hormuz chokepoint now in continued focus, reports have circulated that Iran may demand cryptocurrency payments from shipping companies for oil tankers transiting this critical waterway.
Hamid Hosseini, a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, told the Financial Times on Wednesday that Iran wanted to collect toll fees from tankers passing through the strait and inspect each vessel.
"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. "Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush."
He said the transit toll for the critical waterway would be $1 per barrel of oil, adding, "Once the email arrives and Iran completes its assessment, vessels are given only a few seconds to pay in bitcoin, ensuring they can't be traced or confiscated due to sanctions."
According to Arsenio Dominguez, head of the International Maritime Organization, imposing tolls at the maritime chokepoint would set a dangerous precedent and break with established international maritime norms, he told Bloomberg TV earlier.
"This is a dangerous precedent," Dominguez said.
"What we cannot have is a different or parallel approach where another country introduces a mechanism that is not in line with international practice, and we don't even know if it guarantees the safety of ships."
He also said maritime traffic through the strait remains largely halted, while the IMO is working to restore the prewar transit rules based on the international traffic separation scheme.
"The Strait of Hormuz is not open," says Sultan Al Jaber, the CEO of Adnoc
— Stephen Stapczynski (@SStapczynski) April 9, 2026
The US and Iran have agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz. But there has also been little change in traffic since that truce pic.twitter.com/d11G4jlg0S
Related Strait News:
Iran Gives Approved Hormuz Shippers "Few Seconds" To Submit Payment In Bitcoin
First Two Ships Pass Through Strait Of Hormuz Since Ceasefire As Iran Demands Payment In Crypto
Morgan Stanley No Longer Expects Strait Of Hormuz To Reopen In April
Such a precedent would almost certainly not go unnoticed by Iran-aligned Houthi rebels in Yemen, who already have a history of launching missiles and low-cost, one-way attack drones at vessels transiting the Bab el-Mandeb chokepoint between Yemen and the Horn of Africa.
Any copycat tolling regime there would only deepen maritime bottlenecks and compound the risks for global shipping.