Kamal Ghorui
Iran is seeking to tighten its grip over the Strait of Hormuz during the fragile two-week ceasefire, proposing an unusual system that would require oil tankers to pay transit tolls in cryptocurrency while undergoing strict scrutiny.Hamid Hosseini, spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union, said Tehran intends to monitor every vessel moving through the critical waterway.“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.“Everything can pass through, but the procedure will take time for each vessel, and Iran is not in a rush,” he added.Under the proposed system, tankers would be required to share cargo details via email before being assigned a transit fee, reportedly set at $1 per barrel. Payments would be made in digital currencies.“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.The plan underscores Tehran’s attempt to retain leverage over one of the world’s most vital oil chokepoints even as ceasefire negotiations continue. Iranian authorities are also said to be pushing for ships to use routes closer to their coastline, raising concerns among Western and Gulf-linked operators.Warning shots and rising tensionThe situation has been further complicated by a stark warning issued to vessels in the Gulf.“If any vessels try to transit without permission, [they] will be destroyed,” said a radio broadcast in English received by tankers, according to a recording shared with the FT.The threat has effectively stalled movement through the strait, with most shipping companies adopting a wait-and-watch approach. Only a handful of vessels, primarily linked to Iran, are currently attempting passage.Ceasefire under strainThe future of transit through Hormuz has emerged as a central sticking point in efforts to convert the temporary ceasefire into a lasting arrangement. While Iran seeks oversight and control, Gulf states and Western allies are pushing back strongly.US President Donald Trump has insisted that the ceasefire hinges 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.Iran, however, has signalled that any reopening would involve a new “protocol for secure passage” coordinated with its armed forces.Global shipping in limboThe uncertainty has left hundreds of vessels stranded. Industry estimates suggest 300 to 400 ships are waiting to exit the Gulf, with one executive likening the situation to a “car park”.Major shipping firms remain cautious. Maersk said it is “working with urgency” to understand the evolving conditions but warned that the ceasefire does not yet ensure safe passage.Analysts say even under controlled conditions, only 10 to 15 ships may pass daily, far below the pre-conflict average of 135, making a quick clearance of the backlog unlikely.Strategic stakes riseAllowing Iran to retain any degree of control over Hormuz is seen as a red line for Gulf powers such as Saudi Arabia, Qatar and the UAE, given the waterway’s central role in global oil flows.“Allowing Iran any form of control over the strait would be a red line,” said Ali Shihabi, a commentator close to the Saudi royal court. “The priority has to be unimpeded access through the strait.”With ceasefire terms still evolving and tensions simmering, the Strait of Hormuz remains a flashpoint where diplomacy, energy security and military risk are colliding.
