A senior Iranian foreign ministry official called on April 7 for transit fees through the Strait of Hormuz to be charged in Iranian rials rather than Chinese yuan, in a bid to internationalise the currency and reduce dependence on foreign exchange, Iranian state media reported.

Reports from US media outlets in recent days suggest Iran has been collecting cash tolls from ships passing through the Strait of Hormuz in Chinese Yuan and US dollars; however, IntelliNews could not confirm these allegations. Mapping data shows foreign ships approaching the island of Qeshm and Bandar Abbas in recent days, then moving on, suggesting Iran was attempting to implement some form of toll system through the narrow body of water. 

Mehdi Safari, former deputy economic minister at the foreign ministry under the previous government, asked: "Why was the Chinese yuan proposed for Hormuz tolls? The time has come for transit fees to be based on the rial."

He cited Russia's insistence on rouble-denominated gas payments after the 2022 Ukraine invasion as a model. "Any entity wishing to transit the Strait of Hormuz can obtain rials and pay the toll in rials. This both helps internationalise the rial and reduces dependence on other currencies," Safari said.

IRGC-linked media noted that physical control of a waterway and control over the currency of energy transactions are "two different games."

The agency described the yuan-denominated toll, or "petroyuan," as more of a strategic signal to the West than an immediately practical measure, while a "petrorial" could become a direct operational opportunity for Iran.

The proposal would tie all Hormuz-related payments, insurance, shipping and energy contracts to rial-based mechanisms, turning any future transit agreement into what Tasnim described as "a strategic-economic document" rather than a purely political one.

Iran's parliamentary security committee approved the Hormuz toll plan on March 31.

Deputy Foreign Minister Kazem Gharibabadi confirmed on April 2 that Tehran intended to impose fees but said the exact rate was still under review. The plan includes a ban on US and Israeli vessels and proposed cooperation with Oman.

The rial has weakened sharply on the free market since the war began on February 28, trading at IRR1,599,500 to the dollar on April 7.

Iran’s oil exports remained robust in March despite the war, averaging roughly 1.5mn to 2mn barrels a day (bpd), tanker-tracking firms said, undercutting expectations that the conflict would sharply curb flows.

The figures suggest Tehran was able to keep moving crude even as regional shipping routes faced major disruption from the Gulf area and its export facility in the Sea of Oman in Jask, primarily headed for Chinese and Indian refineries.

The Gulf Cooperation Council’s oil producers, by contrast, experienced a much more severe squeeze. Iraq’s exports fell sharply, Kuwait declared force majeure, and overall Gulf shipments dropped as tensions disrupted trade through the region.

Even so, the impact was uneven. Saudi Arabia’s oil revenue rose modestly in nominal terms, helped by higher global prices, while Oman also posted gains. Iran’s oil revenue increased by 37%, Oman’s by 26%, and Saudi Arabia’s by 4.3%, according to the statistics cited.