President Donald Trump announced on June 24 that Iran has assured the United States it is not seeking tolls, insurance costs, or any other charges on ships passing through the Strait of Hormuz. The statement, posted on Truth Social, quoted Iran as promising “NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND BEING SOUGHT OR RECEIVED BY IRAN ON SHIPS TRAVELING THE STRAIT OF HORMUZ.”
Earlier in the standoff, reports surfaced that Iran had explored accepting Bitcoin, USDT, and yuan as potential payment methods for transit fees, a move widely interpreted as an attempt to sidestep US sanctions. If tolls are off the table entirely, that particular use case for digital assets in Iranian commerce effectively evaporates, at least for now.
What happened at the Strait of Hormuz
The Strait of Hormuz is a narrow waterway between Iran and Oman through which a significant portion of global oil trade flows. Iran had previously established what it called the Persian Gulf Strait Authority to manage fees on vessels transiting the corridor. Reports indicated potential charges of up to approximately $2 million per vessel.
The US and Iran had already agreed to a temporary 60-day toll-free arrangement while the two sides discussed the release of Iranian funds for US agricultural purchases. Trump’s latest announcement appears to extend that understanding, or at least frame it as a broader commitment from Tehran.
