Iran Demands $1 Per Barrel Crypto Toll On Tankers Crossing Strait Of Hormuz: Reports

Tehran: Amid the fragile ceasefire with the United States, Iran has agreed to open the Strait of Hormuz, through which 20 per cent of the world's crude oil passes.  If it reopens, transporting goods through it will be very expensive. Reports suggest that Tehran is preparing to impose a $1-per-barrel toll from every oil tankers passing through the Strait of Hormuz. This toll will be collected in cryptocurrency.

This sea route had been virtually closed since the war began on February 28. After 40 days, the Strait of Hormuz reopened, but only briefly.

Will Iran impose toll? 

According to media reports, Iran will now demand toll from shipping companies for oil tankers passing through the Strait of Hormuz, as it wants to maintain its control over it during the ceasefire. 

What did Iran say?

Hamid Hosseini, a spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, told the Financial Times that Iran wants to charge tolls from every tanker passing through the Strait of Hormuz and inspect every ship. 

"Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren’t used for transferring weapons," he said.

How much toll will Iran take?

Iran's Supreme National Security Council decides on the conditions for passage through the Strait of Hormuz. According to a report in the Financial Times, Iran may now require every tanker to use the northern route closer to its coast.

Hosseini said that each tanker will have to submit information about its cargo via email, after which Iran will inform them of the toll to pay in crypto. 

He said that a toll of $1 per barrel of oil will be imposed. However, empty tankers can pass through without any restrictions.

"Once the email information arrives and Iran completes its investigation, the ships will have just a few seconds to make the payment in Bitcoin, ensuring they cannot be tracked or seized due to sanctions," Hamid Hosseini said.

Will no ship leave without Iran's permission?

On Wednesday, tankers in the Persian Gulf received a radio message warning them of military attacks if they did not first obtain approval from Iranian authorities.

The Financial Times reported that the message, which came in English, said, "If any vessels try to transit without permission, (they) will be destroyed."

What is the reason of decision?

It is believed that Iran is doing this because the country wants to maintain its dominance here. Iran has proposed 10 points to the US as part of a temporary ceasefire, one of which relates to the Strait of Hormuz. Iran's conditions state that a new protocol for safe passage through the Strait of Hormuz will be established with the assistance of the Iranian military.

How many oil tankers are stranded?

There are still 187 oil tankers stranded in the Strait of Hormuz. According to data, 187 tankers currently hold 175 million barrels of crude and refined oil in the Persian Gulf. 

According to reports, 300 to 400 ships are waiting to leave the Gulf. Many traders believe the situation will remain the same in the coming days.