IRAN TO CHARGE $1 PER BARREL IN CRYPTOCURRENCY FOR SHIPS PASSING THROUGH STRAIT OF HORMUZ DURING U.S CEASEFIRE. (PHOTO).

 Iran to charge $1 per barrel in cryptocurrency for ships passing through Strait of Hormuz during U.S ceasefire

Iran plans to charge ships $1 per barrel in cryptocurrency to transit the Strait of Hormuz during the U.S. ceasefire, officials say.

Iranian authorities announced that vessels passing through the key oil shipping lane will need to email details of their cargo and pay the equivalent of $1 per barrel in bitcoin. The system is designed to prevent weapons from being transported while allowing commercial traffic to resume under controlled conditions. Officials said the payment window is brief, ensuring the cryptocurrency cannot be traced or seized due to sanctions.

The Strait of Hormuz, a critical chokepoint for global oil shipments, has been largely closed since the conflict began, sending oil prices higher and disrupting markets worldwide. President Trump announced a suspension of U.S. attacks on Iran, prompting a drop in oil prices.

Iran indicated the strait could reopen in a limited, controlled manner later this week ahead of a meeting with U.S. officials. Trump said he is considering creating a “joint venture” with Iran to manage tolls in the waterway, calling it a way to secure passage and prevent interference from other parties.

Previously, Iran allowed only a handful of ships to transit under a tollbooth system, which was insufficient to alleviate supply and price pressures. Earlier in the week, Trump suggested the U.S. might implement its own toll system for vessels passing through the strait.