In recent developments surrounding the Strait of Hormuz, shipping traffic remains nearly at a standstill despite a temporary ceasefire initiated by the U.S. and Iran. Iran has proposed to charge a toll of $1 per barrel of oil transported through these vital waters, to be paid in cryptocurrency. This new regime of tolls has sparked concerns about economic and geopolitical risks, with experts questioning its legality under international trade norms. While Iran-linked vessels continue to dominate the passage, the majority of non-Iranian ships have been hesitant to cross amidst fears of potential attacks and complex new conditions set by Iran for safe transit. Observers suggest that normalization of tanker traffic may take weeks or even months, casting doubt on the future of oil shipping through this critical choke point.