China’s Foreign Minister Wang Yi is calling for the immediate reopening of the Strait of Hormuz, the narrow waterway that handles roughly 20% of the global oil trade daily. The demand follows an initial peace agreement between the U.S. and Iran.
During the blockade, which began in mid-March 2026, Iran reportedly accepted Bitcoin and Chinese yuan as payment for transit fees. In some cases, vessels paid up to $2 million for safe passage.
Wang Yi met with Iranian Foreign Minister Abbas Araghchi in May to press for a return to normal navigation. China, the world’s largest crude oil importer, has a direct stake in the waterway’s stability.
The reopening, if sustained, could ease elevated energy prices. Iran’s use of cryptocurrency also signals Bitcoin’s growing role as an alternative settlement layer where traditional financial channels are blocked by sanctions.