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2 May 2026, 13:50

US warns shipping firms of sanctions for paying Iran's Strait of Hormuz tolls

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued an alert to shipping companies, both US- and non-US-owned, that they risk facing sanctions from Washington should they pay Iran for safe passage through the Strait of Hormuz. This was made known on Friday, May 1, and is the latest in Washington’s escalating economic pressure campaign against Tehran amid an ongoing standoff over control of the critical waterway. OFAC promises sanctions on all payments to Iran On April 28, OFAC published an answer under its FAQ section to the question, “Are ‘toll’ payments to Iran for safe passage through the Strait of Hormuz authorized?” The alert states that payments, whether directly or indirectly to the Iranian government or to the Islamic Revolutionary Guard Corps (IRGC), “would not be authorized for U.S. persons, including U.S. financial institutions, or for U.S.-owned or -controlled foreign entities.” The warning extends well beyond American companies. Non-US persons also face “significant sanctions exposure” for engaging in transactions involving designated or blocked persons, including the Iranian government and the IRGC, which is designated as a Foreign Terrorist Organization under multiple US authorities. In its latest alert, OFAC stated that it is aware of Iran’s threats and demands for tolls for guarantees of safe passage in the strait. OFAC stated that Iran might demand payments in various forms, including fiat, digital assets, informal swaps, or offsets. It also pointed out that some of these payments may be “nominally charitable donations made to the Iranian Red Crescent Society, Bonyad Mostazafan, or Iranian embassy accounts.” However, it reiterated its position that those who make these payments, regardless of the method or seek guarantees from the Iranian government, stand the risk of sanctions from the US. In a related FAQ published May 1, OFAC confirmed that Iranian digital asset exchanges qualify as Iranian financial institutions under existing sanctions regulations. That means their property and interests held by US persons or within US jurisdiction are blocked under Executive Order 13599. Strait of Hormuz and nuclear program are top priorities The Strait of Hormuz is a narrow waterway between Iran and Oman, and it also happens to be the world’s most important oil chokepoint, with around 20% of global petroleum passing through it. Over the years, Tehran had threatened to restrict traffic through the strait as leverage in its disputes with Western governments, usually linked to its nuclear program. Iran then closed the strait after the US and Israel conducted military operations against it. So far, the negotiations between the involved parties seem to have stalled. The OFAC pointed to Executive Order 13902, which authorizes sanctions against persons who “knowingly engaged in certain significant transactions involving determined sectors of the Iranian economy,” including the financial and petroleum sectors. So, foreign financial institutions that facilitate such transactions risk losing access to US correspondent banking accounts, a penalty that effectively cuts them off from dollar-denominated trade. Shipping companies now face tough choices Shipping companies and their financial intermediaries now either have to refuse Iranian toll demands and risk operational disruption in one of the world’s busiest shipping lanes or pay and risk US sanctions enforcement. As Cryptopolitan reported , citing the UK Navy, “Hormuz traffic has collapsed by 90% since conflict began, with fewer than 10 ships a day now transiting the strait.” The British outfit also estimated 20,000 sailors stranded on vessels in the Gulf. The guidance does not offer a general license or safe harbor for toll payments, leaving little room for compliance workarounds. The standoff adds a financial dimension to what has been primarily a military and diplomatic confrontation. Companies that operate tankers, insurers that underwrite Gulf transits, and banks that process maritime payments will need to update their sanctions screening to account for the new guidance. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

2 May 2026, 13:25

Oobit ID Offers Visa Cards to AI Agents

Tether-backed Oobit ID offers Visa cards to AI agents. The ability to spend USDT without fiat is coming with strict controls. ID price $0.03, %3.59 up, strong support $0.0294. The autonomous financ...

2 May 2026, 13:08

XRP Utility Soars as Ripple Reveals 13,000 Bank Connections and $12.5T Flow

A new update from Ripple is reshaping how some market participants view XRP, following confirmation of the scale of its banking network. The company recently described its platform as “the world’s most adaptable treasury platform”. Visit Website

2 May 2026, 12:31

Trump knocks back Iran's offer to reopen the Strait of Hormuz and delay nuclear talks

Iran said Trump has rejected a proposal that would reopen the Strait of Hormuz, end the US blockade on ships linked to Iranian ports, and delay nuclear talks until a later round. A senior Iranian official allegedly said Saturday that Tehran saw the offer as a way to stop the war first, then handle the nuclear file after shipping lanes and attack guarantees were settled. The war remains stuck four weeks after the United States and Israel paused their bombing campaign against Iran. No deal has ended the conflict. Energy flows have taken a historic hit. Iran moves nuclear talks to the final stage as Trump rejects the latest war proposal Trump said Friday he was “not satisfied” with Tehran’s offer. He did not list every objection, but told reporters at the White House, “They’re asking for things that I can’t agree to.” Before leaving for Florida, Trump also reportedly told CNN he was unhappy with the proposal aimed at ending the war. At a West Palm Beach event Friday evening, Trump questioned whether the US would be “better off” without a deal with Iran . He also called a law limiting the use of force without congressional approval “totally unconstitutional.” Still, in a letter to congressional leaders, he said war “hostilities” with Iran had “terminated.” Washington says the war cannot end unless Iran is blocked from ever getting a nuclear weapon. Trump cited that goal when he launched strikes in February while nuclear talks were underway. Iran says its nuclear program is peaceful. The Iranian official, speaking anonymously because the diplomacy is confidential, said Tehran had made a major shift by putting nuclear talks later. Under the proposal, the war would end with a guarantee that the United States and Israel would not attack again. Iran would open Hormuz, and Washington would lift its blockade. Future talks would cover curbs on Iran’s nuclear program in return for sanctions relief. Tehran would demand that Washington recognize its right to enrich uranium for peaceful purposes, even if it agrees to suspend that work. “Under this framework, negotiations over the more complicated nuclear issue have been moved to the final stage to create a more conducive atmosphere,” the official said. Hormuz traffic collapses as oil executives warn that the supply shock is not over The Gulf energy freeze is getting worse as stored oil and gas are drawn down. Industry executives and analysts say the damage will deepen in coming weeks. Kpler said supply fell from about 20 million barrels per day before the conflict and the Hormuz closure to close to 1 million barrels per day in April. Kpler said, “While a gradual recovery may begin from June, the rebalancing is incomplete, leaving the global oil market tighter and increasingly reliant on inventories and demand adjustment.” So the market is leaning on stockpiles and weaker demand, which is not exactly a calm setup for oil, inflation, or crypto risk appetite. Analysts say that the buffer is now thin. The US Energy Information Administration said gasoline stocks fell to 222 million barrels on April 24, the lowest level for this time of year in more than a decade. In recent days, Kpler and other shipping data sources counted only a handful of Hormuz crossings. The UK Navy said Friday that “Hormuz traffic has collapsed by 90% since conflict began, with fewer than 10 ships a day now transiting the strait.” It also said about 20,000 sailors are stranded on vessels in the Gulf. Meanwhile, Israel issued an urgent evacuation warning for parts of southern Lebanon during a fragile ceasefire. Lebanon’s health ministry said Israeli strikes killed at least nine people on Friday. NATO said it is working with Washington to “understand” the announced withdrawal of about 5,000 US troops from Germany, and Berlin’s defense minister said the move was “anticipated.” A Washington Post/ABC News/Ipsos poll released Saturday found six in ten Americans think the US use of force against Iran was a mistake. There’s a middle ground between leaving money in the bank and rolling the dice in crypto. Start with this free video on decentralized finance .

2 May 2026, 12:03

Tether XXI, Strike, and Electron BTC Merger

Tether XXI, Strike and Elektron Energy merger is transforming the BTC ecosystem. 43.514 BTC reserve, 50 EH/s mining and global services are being integrated. Market positive, XXI shares rose 3%. BT...

2 May 2026, 12:00

Bitcoin predicted to outperform Gold by 42% in 2026 – Can it happen?

Bitcoin dominance breakout signals shifting market leadership, strengthening the BTC/Gold trend.