During a fragile ceasefire between Iran and the US, Tehran has prepared an unusual plan to tighten control over the Strait of Hormuz, a key global oil route. Reports say Iran may charge every oil tanker a $1 per barrel toll, payable in cryptocurrency.

According to officials, payments will not be accepted in traditional currencies. Instead, shipping companies will be required to pay using digital currencies such as Bitcoin. This move has already stirred uncertainty in global energy markets.

A spokesperson for Iran’s oil, gas and petrochemical exporters union said authorities will not only monitor but also regulate all vessels passing through the strait. Each ship will be inspected before being allowed to pass, with a focus on preventing any transfer of weapons during the ceasefire period.

Under the proposed system, tankers must email cargo details in advance. Officials will then calculate the toll and give companies a short window to complete payments in crypto. Delays are expected, as Iran has signaled it is in no rush to speed up the process.

Also Read: Iran closes Strait of Hormuz again after Israel strikes Lebanon

Currently, around 400 ships are waiting in the Khaleej, creating a situation experts compare to a massive “parking lot” at sea. The congestion could disrupt global oil supply chains if prolonged.

Meanwhile, major shipping company Maersk said it is reviewing the situation and is not yet ready to resume normal operations.