First Gulf-to-Europe crude oil tanker since March is paying its way through the Strait of Hormuz in Bitcoin

For the first time since early March, a tanker loaded with Gulf crude oil is actually heading toward Europe. The Advantage Victory, a Marshall Islands-flagged vessel carrying roughly two million barrels of Iraqi oil, transited the Strait of Hormuz on May 27 and is expected to dock in Rotterdam on July 7.

Maritime data firm Kpler reported on June 10 that the Advantage Victory is the first vessel to carry Gulf crude to Europe since the New Vision departed on March 1. The tanker was loaded with Iraqi oil at Basra during late February and early March.

Since March 1, 103 tankers have left the Gulf carrying a combined 185 million barrels of oil. Almost none of it went west. A full 84% of exported oil since mid-April was redirected to Asia or the Middle East.

Iran has instituted a transit fee of $1 per barrel for any vessel crossing the Strait of Hormuz. That fee must be paid in cryptocurrency, and Bitcoin is explicitly accepted.

For a tanker like the Advantage Victory carrying two million barrels, that works out to a $2 million crypto toll for a single passage. Scale that across 103 tankers and 185 million barrels since March 1, and you’re looking at a potential revenue stream of $185 million, all denominated in digital assets.