The US and Oman are working to neutralize Iran’s bid to charge fees on ships transiting the Strait of Hormuz, one of the most consequential chokepoints in global energy markets. Roughly a fifth of the world’s oil supply passes through this narrow waterway every day, and Iran wants to start collecting tolls for the privilege.

Reports from earlier this year indicated that Tehran has been exploring Bitcoin and other cryptocurrencies as payment mechanisms for tanker tolls, a move that would effectively weaponize digital assets to sidestep US sanctions.

What Iran is proposing

Iran and Oman have put forward plans to charge what they’re calling “voluntary” service fees for navigational assistance through the Strait. By labeling fees as voluntary contributions rather than mandatory tolls, both countries aim to sidestep international legal frameworks that protect freedom of navigation in strategic waterways.

Iran estimates potential annual revenues of around $40 billion from these fees. Oman formally submitted its proposal in June 2026, establishing a framework that mirrors fee structures already in place at the Straits of Malacca and Singapore.

The proposed fee structure reportedly works out to approximately $1 per barrel of oil transported. For a fully loaded supertanker, that translates to roughly $2 million per transit.

The crypto angle changes everything

In April 2026, reports surfaced that Tehran was actively considering crypto payment channels as a core component of the fee collection system. Cryptocurrency transactions are harder for the US Treasury to intercept or freeze compared to dollar-denominated wire transfers routed through correspondent banks, with no SWIFT network involvement, no correspondent banking relationships to pressure, and no single point of failure that Washington can target with secondary sanctions.

US response and market implications

US officials have been vocal in opposing both the Omani proposal and Iran’s broader fee ambitions. Washington’s diplomatic strategy appears two-pronged: dissuade Oman from collaborating with Iran on the fee framework, while simultaneously exploring alternative shipping routes that would reduce global dependence on the Strait of Hormuz altogether.

For oil markets, any successful implementation of transit fees would increase transportation costs, which inevitably get passed along to consumers. For crypto markets, if Iran successfully establishes a crypto-based payment system for Hormuz tolls, it would create a new and consistent source of sovereign-level demand for Bitcoin driven by geopolitical necessity.

The risk for crypto is regulatory blowback. If Bitcoin becomes visibly associated with sanctions evasion at this scale, US and European regulators could respond with more aggressive compliance requirements for exchanges, tighter KYC rules, or restrictions on certain transaction types.