|
With the United States and Iran agreeing to a two-week ceasefire, the Financial Times reported on April 8 that Iran will require tankers transiting the Strait of Hormuz to pay a US$1 (approximately 1,333 KRW)-per-barrel transit fee in Bitcoin.
Iran warned it would strike vessels that attempt to transit without prior approval and moved to assert control over the strait even during the ceasefire.
◇ Hosseini: US$1 (approximately 1,333 KRW) per barrel, payable in Bitcoin within seconds
Hamid Hosseini, spokesman for Iran’s Oil, Gas and Petrochemical Exports Federation, told the FT that Tehran intends to levy a transit fee on every tanker crossing the strait and to inspect each vessel.
The FT reported the fee would be US$1 (approximately 1,333 KRW) per barrel of crude; empty tankers would be allowed to pass free. Hosseini said Iran must monitor traffic to ensure the two-week window is not used to move weapons. He stressed that while ships may transit, the process will take time and Iran will not rush it.
The clearance process requires shipping firms to email cargo manifests to Iranian authorities, who then notify the digital-currency payment amount. Hosseini said once Iran receives the manifest and completes its review, it gives the vessel a few seconds to pay in Bitcoin — a step he described as intended to reduce the risk of tracking and seizure under sanctions.
The FT said Iran’s Supreme National Security Council holds final authority over transit conditions. The paper added Tehran could insist all tankers use a northern route close to its coast, creating the risk that Western and Gulf-linked operators may refuse to comply.
|
◇ Radio warning to Gulf shipping: unauthorized transit will be destroyed
The FT said tankers in the Gulf received an English-language radio broadcast from Iranian authorities warning that vessels attempting to transit without prior permission would face military attack. The broadcast said ships that attempt to pass without permission will be destroyed.
The FT also reported that Iran’s Supreme National Security Council has presented 10 points as a negotiating basis with the United States, including establishing a \”safe passage\” protocol in coordination with Iran’s military.
◇ Trump: COMPLETE, IMMEDIATE, SAFE opening is condition of the ceasefire; removal of nuclear material also discussed
President Donald Trump posted on Truth Social that the two-week ceasefire is conditional on the Islamic Republic agreeing to the COMPLETE, IMMEDIATE and SAFE opening of the Strait of Hormuz.
In a separate post, Trump said U.S. officials were discussing options with Iran to \”dig up and remove\” nuclear material and to ease sanctions.
◇ FT tracker: traffic has effectively collapsed since late February; Yanbu rises as alternate route
Using Kpler and MarineTraffic data, the FT’s \”Hormuz bottleneck tracker\” shows daily transits — which approached 100 per day around Feb. 22 — have plunged to single digits.
Both vessels exiting the Gulf and those entering it have fallen below 10 per day. Weekly crude booking volumes from the Gulf dropped from about 1–1.2 million barrels in early March to under 200,000 barrels recently. By contrast, weekly bookings at Saudi Arabia’s Red Sea port of Yanbu have risen to roughly 400,000 barrels, nearing its weekly handling limit, and have emerged as an alternate route absorbing diverted demand, the FT said.
◇ Brent tumbles 15%; European stocks jump — Vance calls the truce fragile
Markets reacted immediately to the ceasefire announcement. Brent crude fell about 15% to below US$95 (approximately 126,667 KRW) per barrel after Iran said it would allow safe transit for two weeks. The pan-European STOXX Europe 600 rose 3.8%, Germany’s DAX gained 4.4%, and the UK’s FTSE 100 climbed 2.5%.
The FT said control of the strait remains one of the thorniest issues negotiators face as they try to turn a temporary ceasefire into a lasting settlement.
Most Commented