Iran and Oman are in advanced negotiations for an agreement on managing shipping routes through the Strait of Hormuz, one of the world’s most strategic waterways through which roughly a fifth of global oil supply passes. The proposed framework establishes a dual-lane system with Iran overseeing the inbound northern lane and Oman managing the outbound southern lane, along with revenue sharing from service fees. The Trump administration has expressed optimism about a potential partial reopening announcement on August 6, 2026. Iran proposed in April 2026 to collect Hormuz passage tolls in cryptocurrency at a rate of one dollar per barrel of oil shipped, with trials already conducted using Bitcoin and stablecoins. If this proposal is adopted, it would mark the use of cryptocurrency as the settlement layer for one of the world’s most sensitive trade corridors.
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