TRADE ROUTES

Iran has introduced a new system called Hormuz Safe, a digital insurance platform to help ships pass safely through the Strait of Hormuz. Instead of traditional insurance, vessels will pay using cryptocurrency. The plan is led by Iran’s Economy Ministry, which claims it can manage the strait better

The Strait of Hormuz is a critical waterway for global oil trade. It is a narrow passage between Iran and Oman. Around 20% of the world's crude oil flows through this strait daily. This makes it a vital route for many countries, including China. China relies heavily on this strait for its oil import