Iran's parliamentary National Security Commission stated that transit fees for vessels passing through the Strait of Hormuz would be payable in the Iranian rial, the country's national currency.

The head of the commission flagged the proposal as part of a 'Strategic Action Plan for Security and Sustainable Development of the Strait of Hormuz,' aimed at enhancing economic sovereignty. This development follows the commission's approval of a toll plan on March 31. Mehdi Safari, a former deputy economic minister, advocated for rial-denominated fees, drawing parallels to Russia's rouble-based gas payments, and argued it would internationalize the rial and reduce reliance on foreign currencies.

The Strait of Hormuz, a narrow waterway between Iran and Oman, handles about 20% of global oil supplies. Iran has exerted de facto control over the strait amid recent regional tensions, including a war that began on February 28 and a subsequent ceasefire. Reports indicate Iran has already limited traffic, banned U.S. and Israeli vessels, and collected unofficial fees from some ships, though details remain unconfirmed.

Under the proposal, toll amounts are still under review, with potential cooperation from Oman. Payments, insurance, and related contracts would tie to rial mechanisms. Iranian oil exports held steady at 1.5 to 2 million barrels per day in March, primarily to China and India, despite disruptions affecting other Gulf producers like Iraq and Kuwait.

U.S. President Donald Trump rejected the idea, stating the strait is an international waterway. 'No, we're not going to allow that,' he told reporters at Joint Base Andrews. In a Truth Social post, he called it 'short-term extortion' and warned Iran has 'no cards.'

Critics argue the tolls violate international maritime law principles of freedom of navigation. Collecting fees in the strait would set a dangerous precedent, potentially raising global energy costs and straining Gulf economies.

The push for rial payments aligns with broader de-dollarization efforts. While some reports mention yuan or cryptocurrency in prior unofficial collections, the latest proposal emphasizes the rial to bolster its global role amid the currency's weakening to 1,599,500 rials per dollar. Iranian lawmakers described waterway control and currency dominance as separate strategic advantages.