Iran Imposes Bitcoin Tolls and New Shipping Lanes on Hormuz, Letting Only Nine Vessels Through in Two Days

Estimated reading time: 4 minutes

Iran is enforcing a tightly controlled passage system over the Strait of Hormuz, demanding cryptocurrency payments and routing ships closer to its coastline, while allowing just a handful of vessels through despite a ceasefire now in its third day.

As of Thursday, only nine vessels had transited the strait across Wednesday and Thursday combined, according to S&P Global Market Intelligence, a fraction of the pre-war average of more than 100 daily transits. MarineTraffic and Kpler data showed roughly five bulk carriers passing through in the first 24 hours alone.

The bottleneck is enormous. Approximately 230 loaded oil tankers were waiting inside the Gulf as of April 9, according to ADNOC CEO Sultan Ahmed Al Jaber, while more than 400 oil laden tankers and dozens of LNG and LPG carriers remained anchored outside the Gulf awaiting clearance.

“The Strait of Hormuz is not open. Access is being restricted, conditioned and controlled,” Al Jaber said Thursday, calling Iran’s requirement that ships obtain permission before transiting “coercion,” not freedom of navigation.

The Islamic Revolutionary Guard Corps navy command said the strait has entered “a new phase” of management since the ceasefire began. Iran’s deputy foreign minister Saeed Khatibzadeh stated that all ships must coordinate passage with Iranian authorities, framing the requirement as a safety measure.

Iran’s navy published a map late Wednesday indicating it may have mined the strait and designating new shipping lanes. Outbound ships are directed along a route south of Larak Island, and inbound vessels north of it, both closer to Iran’s coastline than traditional routes.

A five tier nationality ranking system determines which ships may pass and at what cost. Vessels linked to the United States or Israel are denied transit entirely. Nations deemed “friendlier” pay lower fees. Pakistan was offered permission for 20 vessels and has begun reaching out to major commodity traders about temporarily re flagging ships under its flag.

Tehran is demanding payment in Bitcoin and other digital currencies. Tankers must email cargo details to Iranian authorities, who levy a toll of roughly $1 per barrel. Fees can reach up to $2 million per vessel. The IRGC’s toll system could generate up to $20 million per day from oil tankers alone and between $600 million and $800 million per month if LNG carriers are included. Payments may also be settled in Chinese yuan routed through Kunlun Bank via the CIPS network, bypassing the SWIFT system.

Iran’s parliament approved the “Strait of Hormuz Management Plan” on March 30 and 31, codifying a toll regime that had already been operating informally since mid-March.

War risk insurance for a single strait transit now runs between 3.5% and 10% of total vessel value. For a $100 million tanker, that means $3.5 million to $10 million per crossing. Before the war, those premiums were a fraction of a percent.

Several major marine insurers, including Norway’s Gard and Skuld, Britain’s NorthStandard, and the London P&I Club, have canceled war risk cover for ships in the region entirely. In response, the U.S. government launched a $20 billion insurance program with Chubb as lead underwriter, administered through the Development Finance Corp., to help restore commercial traffic.

Hapag Lloyd said normalization is “weeks away.” Analysts at Macquarie projected a phased recovery: initial shipment increases within two to four weeks, with broader normalization taking an additional two to four weeks, assuming the ceasefire holds.

An estimated 136 million barrels of crude and refined products remain stranded in the Gulf, and Brent crude traded at roughly $98 per barrel on Thursday, well above pre-war levels.

Pakistan mediated peace talks are set to begin Saturday in Islamabad. U.S. Vice President JD Vance will lead the American delegation, while Iranian Parliament Speaker Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araghchi head the Iranian side.

The ceasefire is already under strain. Iran accused the United States of violating the agreement after Israel launched strikes on Lebanon on Wednesday that killed at least 180 people. Washington and Israel maintain that Lebanon was not covered by the deal.

Gulf states are pushing back on Iran’s claims. Oman explicitly rejected the concept of jointly collecting transit fees, with its transport minister declaring the strait “a natural passage” on which no tolls can be imposed under international law. Qatar echoed the position, calling the strait a shared natural opening.

Iran’s 10 point peace proposal calls for Iranian oversight of the strait, withdrawal of U.S. combat forces from the Middle East, and a halt to operations against allied armed groups. Washington’s 15 point counter proposal focuses on Iran’s enriched uranium, ballistic missiles, sanctions relief, and the unconditional reopening of the waterway.