IRGC Missile Strikes Rattle Oil Markets as Iran Turns Strait of Hormuz into Crypto Toll Road

The Iranian Revolutionary Guard Corps (IRGC) has escalated tensions in the Strait of Hormuz by firing missiles at commercial cargo ships, causing significant damage and rattling oil markets. The attacks occurred around July 6-7, 2026, with at least three vessels hit, including the Singapore-flagged Ever Lovely, which was struck on June 25.

The crisis began in February 2026, when the IRGC Navy started aggressive interactions with merchant shipping in the strait. This came after a memorandum between the US and Iran in June 2026, leading to US military strikes on Iranian targets.

What's particularly noteworthy is that Iran has been collecting transit payments from merchant vessels in Bitcoin and USDT, reportedly up to $2 million per ship. This sets the world's most important oil chokepoint as a toll road paid in digital assets.