The Iranian regime is looking to charge fees of $1 per barrel of oil for tankers crossing the Strait of Hormuz, with payments to be made in cryptocurrency, the Financial Times reported Wednesday morning.

In the minutes after the news broke, prices on major cryptocurrencies surged.

Bitcoin (BTC-USD) rose 5% to trade above $71,700 per coin after paring earlier gains that had pushed the asset above $72,700. Solana (SOL-USD) and ethereum (ETH-USD) picked up 7% and 8%, respectively, after also giving up steeper gains earlier in the session.

No preference for which cryptocurrency the payments should be made in was reported.

Read more: How to buy bitcoin: A step-by-step guide

The demands from Iran come from Hamid Hosseini, a…