Iran announced it will levy a cryptocurrency toll on tankers transiting the Strait of Hormuz, a step that could reshape Gulf oil logistics. The fee targets vessels seeking Tehran’s clearance, a channel already restricted to ships without ties to the United States, Israel or Gulf states implicated in recent attacks. Analysts say the policy may give Tehran leverage over rival exporters.

Saudi Arabia has warned that any Iranian control of the waterway crosses a red line, insisting on unimpeded market access. The kingdom’s East‑West pipeline, recently hit by a drone despite a ceasefire, underscores the volatility. Kpler data shows roughly 175 million barrels of crude and products sit on 187 tankers, while industry sources estimate 300‑400 ships are queued like a “car park.”

Maritime analysts estimate only ten to fifteen vessels can clear the strait each day, a sharp drop from the pre‑war pace of 135 ships. EOS Risk’s Martin Kelly says the backlog will not dissolve within two weeks, meaning oil shipments could remain stranded well into the coming weeks. The bottleneck threatens to tighten global supply and pressure prices.