India, April 9 -- Iran will reportedly demand tolls in cryptocurrency from shipping companies to let their oil tankers pass through the strategic Strait of Hormuz, as the Islamic Republic tightens its grip on the narrow waterway despite a two-week ceasefire with the United States.

According to Hamid Hosseini, spokesperson for Iran's Oil, Gas and Petrochemical Products Exporters' Union, Iran wants to collect toll from any passing ship, and to assess each of the vessels. Follow US-Iran war news live updates

"Iran needs to monitor what goes in and out of the strait to ensure these two weeks aren't used for transferring weapons," Hosseini quoted as saying by the Financial Times. The demanded toll is reportedly $1 per barrel of oil.

He said...