The United States and Iran agreed to a two-week temporary cease-fire, but Iran is still tightening its grip on the Strait of Hormuz by demanding cryptocurrency tolls and restricting ship passage, major foreign media reported.
On the 9th (local time), the Financial Times (FT) in the United Kingdom reported that Iran is pushing a plan to demand passage tolls in cryptocurrencies such as bitcoin from oil tankers transiting the Strait of Hormuz. Hamid Hosseini, the Spokesperson for the Union of Iranian Exporters of Oil, Gas and Petrochemical Products, told the FT, "All tankers must pay a toll and each vessel will undergo an individual review." The toll would be about $1 per barrel, and payment would be made in hard-to-trace cryptocurrencies to evade sanctions, according to the report. For a supertanker carrying 2 million barrels, that would amount to about $2 million (about 3 billion won) per vessel.
President Donald Trump said the United States entered a two-week truce with Iran on the condition of the "full and safe opening of the Strait of Hormuz," but Iran is maintaining control of the strait without lowering the level of threat. According to an audio recording obtained by the Wall Street Journal (WSJ), the Islamic Revolutionary Guard Corps (IRGC) is broadcasting a warning in English to ships near the strait: "Vessels attempting to pass through the strait without our authorization are at risk of being destroyed."
In the Gulf waters, about 180 tankers carrying about 175 million barrels of crude are currently waiting, and as many as 300 to 400 vessels are queueing to pass through the strait. Foreign media described the Strait of Hormuz as resembling a "parking lot." The WSJ reported that Iran recently notified mediator countries that it would limit the number of ships transiting the strait to about 10 to 15 per day. Compared with more than 100 per day before the war, that is about one-tenth.
Earlier, Iran's Foreign Minister Abbas Araghchi also said that ships transiting the strait must consult with Iran's military and that there would be limits on traffic. Danny Citrinowicz, a former Iran officer at Israel's Military Intelligence Directorate, said, "For Iran, the Strait of Hormuz has now become a strategic asset as important as its missile or nuclear programs," adding, "Securing control is essential for them."
The Strait of Hormuz is a key shipping lane through which 20% to 30% of the world's seaborne crude passes. Markets are voicing concerns that if Iran's passage restrictions and tighter control drag on, it could lead to higher international oil prices and global supply chain instability. Attention is also focusing on the possibility that Middle East tensions could be prolonged as Iran uses control of the strait as a bargaining lever.