Iran plans to offer insurance for Hormuz transit: Will it work?
Key takeaways
- Tehran is reportedly proposing Bitcoin-based ship insurance for the Strait of Hormuz, a move likely to raise global maritime concerns.
- The announcement comes two days after reports surfaced that Iran was planning to provide insurance to ships crossing the Strait of Hormuz.
- Since the US-Israel war on Iran began on February 28, Iranian officials and lawmakers have repeatedly floated the idea of imposing transit charges or security fees on ships using the Strait of Hormuz.
Why this matters: an international story with cross-border implications worth tracking.
Tehran is reportedly proposing Bitcoin-based ship insurance for the Strait of Hormuz, a move likely to raise global maritime concerns.
xwhatsapp-strokecopylinkgoogle Add Al Jazeera on Googleinfo An Iranian woman walks past an anti-US billboard referring to President Donald Trump and the Strait of Hormuz, installed on a building at the Valiasr Square in Tehran on May 10, 2026 [AFP]By Usaid Siddiqui Published On 18 May 202618 May 2026Iran has moved a step further in its attempts to formalise its effective control over the Strait of Hormuz after the country’s top security organ announced the formation of a new body to manage the key passage.
The country’s Supreme National Security Council on Monday said the new authority, called the Persian Gulf Strait Authority (PGSA), would provide “real-time updates” on operations and the latest developments in the strait, a critical chokepoint through which 20 percent of the world’s oil and gas pass in peacetime.