Iran's Islamic Revolutionary Guard Corps (IRGC) fired on a Thai-flagged cargo ship in the Strait of Hormuz on Saturday, killing three sailors. The attack sent Brent crude oil prices surging to $127 per barrel, and Iran reportedly now demands cryptocurrency payments for safe passage through the strategic waterway.
Attack on the Thai-flagged vessel
The IRGC targeted the Thai-flagged ship as it transited the Strait of Hormuz, a narrow chokepoint for about a fifth of the world's oil supply. Three crew members were killed in the assault. The ship's owner confirmed the deaths but declined to name the victims pending family notification. The IRGC has not issued a public statement explaining the attack.
Oil markets react
Brent crude jumped more than 5% on the news, hitting $127 a barrel by midday trading. The Strait of Hormuz carries roughly 20 million barrels of oil per day, and any disruption there triggers immediate price spikes. This is the first direct military action against a commercial vessel in the strait since 2019.
Iran's crypto demand
According to sources familiar with the situation, Iran is now demanding that ships pay transit fees in cryptocurrency — specifically Bitcoin or a yet-unnamed stablecoin — before being allowed to pass. The demand appears to be an attempt to bypass international sanctions that restrict Iran's access to the dollar-based financial system. It's unclear how shipping companies will respond or whether they have the infrastructure to make such payments.
What comes next
The U.S. Navy's Fifth Fleet, based in Bahrain, said it is monitoring the situation. The Thai government has summoned Iran's ambassador in Bangkok for an explanation. No formal sanctions or military response has been announced yet. The next 48 hours will be critical as oil markets open for the new trading week.
