Global markets are entering a fragile phase of relief, with tensions in the Middle East easing after weeks of disruption to one of the world’s most critical trade routes.
The latest developments signal a shift away from open conflict toward a more controlled environment, where access to key infrastructure is no longer guaranteed, but negotiated.
For energy markets and global shipping, the focus is now less on whether the Strait of Hormuz is open and more on the terms under which it operates.
Related: Trump suspends Iran strikes, announces 2-week ceasefire
Trump announces 2-week ceasefire
U.S. President Donald Trump on April 7 announced a two-week ceasefire with Iran, pausing planned military strikes and opening a window for negotiations following weeks of escalating conflict.
The war, which began on Feb. 28, disrupted the Strait of Hormuz - a vital corridor handling roughly 20% of global oil flows - triggering one of the most significant supply shocks in recent decades.
The ceasefire, brokered with support from regional intermediaries including Pakistan, hinges on Iran reopening the Strait.
But the agreement stops short of restoring normal operations.
Instead, the reopening is set to occur “in co-ordination with Iran’s armed forces” to “guarantee Iran’s dominance,” according to details of the proposal.
This marks a structural shift. Rather than a free maritime passage, the strait is effectively becoming a controlled corridor under Iranian oversight.
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Iran outlines strict terms for ships crossing Hormuz
Under the new framework , vessels must comply with a series of conditions before being allowed to pass, FT reported.
Ships are required to submit detailed cargo and vessel information in advance, undergo background checks, and follow designated routes closer to Iran’s coastline, according to reports.
Final decisions on passage are overseen by Iran’s Supreme National Security Council, with approval not guaranteed and delays expected.
The system effectively positions Iran as a gatekeeper for one of the world’s most important energy routes.
A key component of the framework is a new payment structure.
Tankers are reportedly required to pay transit fees starting at around $1 per barrel to secure a safe passage, potentially amounting to millions of dollars per voyage.
Payments are expected to be made in digital currencies, including Bitcoin (BTC), allowing transactions to bypass traditional financial channels and reduce exposure to sanctions.
“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” Hamid Hosseini, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union told FT.
The arrangement has drawn comparisons to a maritime “toll system,” where access to global trade routes is increasingly conditional, negotiated and monetized.
At the time of writing, Bitcoin traded around $72,285, up 5.5% on the day, while Ethereum (ETH) climbed to $2,255, gaining over 8%, and XRP rose to roughly $1.38, up nearly 6%.
Related: Bitcoin, XRP surge on Trump's Iran U-turn
This story was originally published by TheStreet on Apr 8, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
