Iran Banks First Revenue From 1 Strait of Hormuz Toll

Iran has begun collecting its first hard currency revenues from tolls imposed on ships passing through the Strait of Hormuz, a senior parliamentary official confirmed. The move further weaponizes the world's most important oil chokepoint, where traffic has slowed to just one vessel on Tuesday, and threatens to drive up global energy prices.

"The first revenue received from the Strait of Hormuz tolls was deposited into the Central Bank account," deputy speaker of parliament Hamidreza Hajibabaei said, according to the Tasnim news agency.

The new toll system is a direct challenge to US naval dominance in the region. In normal times, about 20 percent of the world's oil supply transits the strait. That traffic has all but halted after Iran attacked two cargo vessels on Wednesday, sending Brent crude futures climbing and gold prices to $4,705.09 per ounce.

The policy provides Iran with a crucial source of hard currency amid a US-led blockade and offers a glimpse into a shifting global financial system. The majority of toll payments are reportedly being made in Chinese yuan, accelerating the currency's adoption and the use of China's CIPS payment system, which saw daily transactions jump over 35 percent in March.

Yuan Transactions Surge on Hormuz Tolls

The implementation of the toll has had a direct and immediate impact on international payment systems, benefiting China's efforts to promote the yuan. China’s Cross-Border Interbank Payment System (CIPS) handled a record 1.2 trillion yuan on April 2nd, while the daily average for March surged to 920 billion yuan, a significant increase from the 680 billion yuan average last year.

"The timing suggests the Iran war was a factor. The eye-catching data aligns exactly with the crisis," said Josh Lipsky of the Atlantic Council. "It can’t just be coincidental."

Financial analysts in Washington consensus is that most of the money from Tehran's new "toll booth" is in yuan, not cryptocurrency. This shift is not just about oil payments, which Iran has long accepted in yuan. The sheer volume of CIPS activity suggests capital flight from the Gulf and broader financial turmoil are being channeled through China's payment rails as companies seek alternatives to the dollar-centric SWIFT system. The yuan's share of China's total international transactions, including assets and trade, surpassed 56% in March, a new high.

Global Trade Under Pressure

The de-facto closure of the strait to most non-Iranian-linked traffic is piling new costs onto businesses and consumers globally. While over 300 ships linked to Iran have passed since the war began, the attacks on two cargo vessels this week have suppressed broader traffic.

"They are reminding us that their threats to attack ships are genuine, and that’s enough to suppress traffic through the strait,” said Rosemary Kelanic, a director at the research organization Defense Priorities.

The disruption is a boon for European logistics firms like DHL and DSV, which are expected to report higher first-quarter profits from the heightened supply-chain complexity. Jefferies analysts noted that such periods of geopolitical turmoil have historically led to a sea-to-air spillover in freight, a segment where DHL is structurally advantaged. However, the longer-term effects of a sustained energy shock could weigh on demand later in the year.

This article is for informational purposes only and does not constitute investment advice.