President Trump declared on June 24 that Iran has committed to imposing no tolls, no insurance costs, and no other charges on ships passing through the Strait of Hormuz. The announcement effectively kills, at least for now, a proposal that had crypto markets buzzing earlier this year: Iran’s plan to collect transit fees in Bitcoin and Tether.

The Strait of Hormuz handles roughly one-fifth of global oil trade. Any disruption, or new cost layer, ripples through energy markets and well beyond.

From crypto tolls to zero tolls

In April 2026, reports surfaced that Iran was considering transit fees of approximately $1 per barrel of oil, or up to $2 million per vessel. The twist: payments would reportedly be accepted in cryptocurrencies like Bitcoin or USDT, a move widely interpreted as Iran’s attempt to sidestep traditional financial sanctions.

Crypto analytics firms reported finding little on-chain evidence of large-scale Bitcoin transactions tied to these proposed tolls. Despite multiple media reports asserting the fees were being collected, the blockchain receipts just weren’t there to back it up.

The 60-day clock

Trump’s announcement came after weeks of elevated tensions tied to US-Iran ceasefire negotiations and a broader conflict that included blockades in the strategic waterway.

The president made his position unambiguous, stating that any misinformation about the existence of tolls would result in an immediate end to negotiations.

Earlier in 2026, Trump had floated his own version of Hormuz fees, a concept he called “Guardian Angel” fees. That proposal came with a 60-day negotiation window. If talks with Iran didn’t produce results within that timeframe, the US would consider implementing its own charges. The current commitment to zero tolls appears to be the result of those negotiations bearing at least preliminary fruit.

What this means for crypto and energy markets

The immediate market reaction to Trump’s announcement was muted. Neither Bitcoin nor major altcoins moved significantly on the news.

For traders, the 60-day negotiation window is the variable that matters most. A breakdown in talks could simultaneously push oil prices higher and revive Iran’s crypto toll proposal. The absence of on-chain evidence for Iranian toll payments suggests the infrastructure isn’t mature, but necessity is a powerful motivator when you’re a sanctioned nation sitting on one of the world’s most important shipping lanes.