Tehran proposes Hormuz transit payment in its currency, estimates up to $15B in annual revenue

An Iranian lawmaker said a proposed plan to formalize Iran’s sovereignty over the Strait of Hormuz is aimed at strengthening the national currency, the rial, through regional financial mechanisms, according to Iran’s semi-official ISNA news agency.

Ahmad Naderi, a member of parliament’s presiding board, said the plan envisions payments related to maritime transit being conducted in rial, describing it as a step toward enhancing the currency’s role in regional trade.

He also estimated that revenues from managing and regulating maritime traffic in the strategic waterway would range between $10 billion and $15 billion annually, warning that higher figures circulating in some analyses are “exaggerated” and not consistent with realities on the ground.

Naderi, who represents Tehran in parliament, cautioned against what he described as “emotional and unrealistic” portrayals of Hormuz-related revenues, saying such narratives could play into economic and social pressures designed by adversaries.

Shipping through the Strait of Hormuz has been severely disrupted since the US-Israeli war against Iran began on Feb. 28, with tensions escalating further after a US naval blockade was announced following the failure of recent Washington-Tehran talks in Islamabad.

Roughly 20% of global oil supply passes through the strait daily, and heightened insecurity has pushed up oil prices, as well as shipping and insurance costs.