The "tolls" for the Strait of Hormuz are being set at $2 million, payable in either Chinese yuan or cryptocurrencies.
Iran is imposing new rules in the Strait of Hormuz in a blatant display of power, while the US and a seemingly powerless Donald Trump issue ultimatums that remain nothing more than words. According to the latest reports, vessels attempting to transit the Strait of Hormuz will require secret codes and must pay up to $2 million in Chinese yuan or cryptocurrencies to avoid Iranian attacks.
At the same time, Iran is reportedly drafting a protocol with Oman for monitoring navigation in Hormuz. Meanwhile, according to recent information, a French-owned container ship has exited Hormuz in what appears to be the first known transit of a vessel with Western European links since the region was almost completely blockaded due to the war.
The new rules in Hormuz
According to updated reports, vessels attempting to pass through the Strait of Hormuz will need secret codes and must pay up to $2 million in Chinese yuan or cryptocurrencies to avoid Iranian attacks. Following the passage of a bill by the Iranian parliament this week to impose fees on safe passage through the Strait, new guidelines have been established for tankers and cargo ships to "buy" their transit through a company linked to the Islamic Revolutionary Guard Corps (IRGC), according to sources familiar with the deal cited by Bloomberg.
Once the IRGC receives a ship's documentation, the vessel must fly the flag of a non-hostile nation and broadcast a secret high-frequency code to alert the Iranian navy, which will then guide it through the straits. These rules effectively grant Tehran total control over Hormuz, a vital trade route through which 20% of global oil supply passes.
Before vessels begin their journey, they must provide full details regarding ownership, flag, cargo, destination, crew, and data from the Automatic Identification System (AIS)—which records the ship's transit history. This information is forwarded to the IRGC navy for background checks to ensure the vessels have no ties to the US or Israel, according to Bloomberg.
Negotiations over the... tolls
If the screening is successful, the parties negotiate the transit price. For oil tankers, the initial price is set at approximately $1 per barrel of crude, which must be paid in yuan or stablecoins. For a Very Large Crude Carrier (VLCC) carrying up to 2 million barrels, this cost can reach $2 million.
Tehran defended the creation of these "Iranian tolls" to the International Maritime Organization (IMO), which serves as the global shipping watchdog. "As the coastal state bordering the Strait, the Islamic Republic of Iran, in full compliance with established principles and rules of international law, has restricted the passage of vessels owned by or connected to the aggressors," Tehran stated in a letter to the IMO.
2,000 ships and 20,000 sailors trapped
Iran closed the Strait in March to anyone it deemed an enemy after the US and Israel waged war against Tehran. Approximately 300 ships have managed to transit the Strait of Hormuz since the start of the war following negotiations with Iran, including vessels linked to India, China, and Pakistan.
Before the war, approximately 130 ships crossed the Strait daily, according to maritime trackers. Today, roughly 2,000 ships remain trapped in the region, with the IMO calling on states to urgently find ways to evacuate the vessels, which carry approximately 20,000 sailors.
The alliance with Oman
Meanwhile, according to the official IRNA agency, Iran is drafting a protocol with Oman to monitor navigation in the Strait. Navigation through this critical maritime route for global oil distribution "should be supervised and coordinated" by the two countries, stated Kazem Gharibabadi, Iran's Deputy Foreign Minister for Legal and International Affairs.
"Of course, these requirements will not mean restrictions, but will aim to facilitate and ensure safe passage, as well as provide better services to vessels passing through this route," he reportedly stated.
A Japanese LNG tanker and a French-interest vessel pass through Hormuz
In a recent development, a Japanese liquefied natural gas tanker reportedly crossed Hormuz, according to co-owner Mitsui O.S.K. Lines. The crew members of the Panama-flagged vessel—"SOHAR LNG"—remain safe, a spokesperson for Mitsui O.S.K. Lines told Reuters, while declining to reveal when it crossed the Strait or if there were any negotiations to do so. The Asahi newspaper previously reported that the ship was the first Japanese vessel to exit the Strait of Hormuz since the start of the war in Iran.
Additionally, for the first time since the start of the war between the US, Israel, and Iran, a vessel of European interests passed through Hormuz. This was the cargo ship CMA CGM Kribi, owned by the French group CMA CGM, which exited the Persian Gulf following a route near the Iranian coast between the islands of Qeshm and Larak, according to tracking data and Bloomberg sources. The maritime navigation picture remains blurred, as interference and misleading signals are being recorded in the area, making the accurate tracking of vessel movements difficult.
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