Vice President JD Vance confirmed on June 14, 2026, that the Strait of Hormuz will reopen without tolls as part of a sweeping US-Iran agreement. The deal dismantles one of the stranger chapters in recent geopolitical history: Iran charging ships up to $2 million each in Bitcoin, USDT, or yuan just to pass through the world’s most important oil chokepoint.
Israel, long the region’s wildcard in any negotiation involving Iran, has a seat at the table.
What the deal actually does
The Strait of Hormuz handles roughly 20% of global oil transit. Those tolls, payable in Bitcoin, stablecoins like USDT, or Chinese yuan, ran as high as $2 million per vessel.
The new agreement wipes all of that away. President Trump announced the deal on Truth Social, writing: “Ships of the World, start your engines. Let the oil flow.”
