Iran’s Islamic Revolutionary Guard Corps fired missiles at commercial cargo ships transiting the Strait of Hormuz in early July 2026, hitting at least three vessels and causing heavy damage. No casualties have been reported, but the attacks represent a dramatic escalation in a crisis that has been simmering since February and now threatens to disrupt the narrow waterway through which roughly 20% of the world’s oil supply flows.
For crypto markets, here’s the thing: this isn’t just a shipping story. Iran has been collecting transit payments from merchant vessels in Bitcoin and USDT, reportedly up to $2 million per ship, turning the world’s most important oil chokepoint into a toll road paid in digital assets.
What happened in the strait
The latest round of strikes occurred around July 6-7, 2026, when the IRGC targeted at least three commercial vessels with missiles. UK Maritime Trade Operations and US officials confirmed that ships suffered fires and significant structural damage, though crews appear to have escaped injury.
Around June 25, the Singapore-flagged cargo ship Ever Lovely was struck by an IRGC missile, sustaining severe damage.
