The UK Maritime Trade Centre reports that Iranian Revolutionary Guard forces have seized a ship that was anchored outside the port of Hormuz. The vessel is now being moved toward Iran.

BREAKING: The UK Maritime Trade Operations (UKMTO) reports an incident northeast of the UAE coast involving a vessel boarded by “unauthorised personnel.” The ship is now reportedly heading toward Iranian waters. Details remain limited, and the situation is still developing.

A Sea Hawk helicopter assigned to Helicopter Maritime Strike Squadron 50 lands on the flight deck of USS Truxtun (DDG 103) as the ship transits the Arabian Sea and supports the U.S. blockade against Iran. As of today, CENTCOM forces have redirected 70 commercial vessels and disabled 4 to ensure compliance.

According to the United Kingdom Maritime Trade Operations (UKMTO) Centre, an incident occurred 38nm northeast of Fujairah, United Arab Emirates where a vessel was boarded and taken to Iranian waters. This is likely another seizure of a vessel by the IRGC-N. More to come.

Iran has launched "Hormuz Safe," a platform offering digital maritime insurance for ships transiting the Strait of Hormuz with payments settled in Bitcoin. Iran's Ministry of Economy has been developing the initiative since April, and officials estimate it could generate over $10 billion in revenue. The timing matters. Weeks ago, OFAC froze $344 million in USDT held in wallets attributed to the Central Bank of Iran with links to the IRGC-Qods Force and Hezbollah. Tether complied and froze the wallets on April 23. By settling in Bitcoin instead of stablecoins, Iran is explicitly routing around the enforcement mechanism that just cost them $344 million. Bitcoin has no freeze function. Before the official launch, Greek maritime risk firm MARISKS warned that unknown actors claiming to represent Iranian authorities were already sending messages to ships demanding transit fees in Bitcoin for "safe passage." At least one oil tanker was attacked after falling for what appeared to be a related scam. The Strait of Hormuz handles roughly 20% of global oil supply. Iran is positioning itself as the de facto insurer for the world's most critical energy chokepoint, using Bitcoin as the payment rail specifically because it can't be frozen or seized.

BITCOIN CONFIRMED AS PART OF IRAN’S STRAIT OF HORMUZ TOLL PLANS Iran has reportedly launched “Hormuz Safe,” a sovereign-backed maritime insurance platform allowing ships crossing the Strait of Hormuz to purchase coverage using Bitcoin. According to Iranian state-linked reports, the platform offers digitally verified insurance certificates, encrypted authentication systems, and rapid coverage for vessels operating in the Persian Gulf and surrounding waterways. Documents cited by Fars News Agency claim Iran’s Economy Ministry has been developing the framework since early May as part of a broader strategy to manage shipping traffic through Hormuz using insurance, liability guarantees, and maritime certification systems. Iranian media claims the initiative could eventually generate more than $10B in annual revenue if widely adopted. The move comes as tensions escalate around one of the world’s most critical energy chokepoints, where roughly 20% of global oil supply passes daily. If adopted at scale, Bitcoin may now be entering global maritime trade and energy logistics in one of the most geopolitically sensitive regions on earth.

According to BBC, the vessel that the United Kingdom Maritime Trade Operations (UKMTO) said was taken to Iranian waters earlier today was a floating armory used by Chinese private military contractors in the local region who protect vessels from piracy. The vessel in question is the Honduras-flagged Hui Chuan.

Here's how to monitor the Iran situation this week: 1. Watch oil and the 10-year yield. 2. Watch Flightradar for US asset buildup or unusual evacuations. 3. Watch maritime alerts for IRGC activity around the Strait of Hormuz. @TheRealDanSaedi says those are the clearest public signals for whether the standoff is moving toward a deal or another escalation.

A U.S. Army helicopter observes commercial ships while flying over regional waters near the Strait of Hormuz during U.S. enforcement of the maritime blockade against Iran. As of May 16, 78 commercial ships have been redirected, and 4 have been disabled to ensure compliance.