Iran plans $1/barrel Hormuz toll payable in yuan, crypto: Bloomberg

Iran has developed a plan to charge a toll of $1 per barrel on oil tankers passing through the Strait of Hormuz, with payments to be made in Chinese yuan or stablecoins, Bloomberg reported. Ship operators wishing to navigate the strait must contact a brokerage firm associated with Iran's Islamic Revolutionary Guard Corps (IRGC). They are required to submit details such as the vessel's ownership structure, shipment and cargo manifests, destination, crew list, and Automatic Identification System (AIS) data. The broker then communicates with an Iranian command center to verify that the vessel has no ties to nations Iran considers hostile. Iran reportedly classifies countries into five different tiers. The outlet noted that since a Very Large Crude Carrier (VLCC) typically has a capacity of 2 million barrels, the toll for such a vessel would amount to $2 million.