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Iran Launches Crypto-Based "Hormuz Safe" Insurance Platform For Ships Crossing Strait
The Islamic Republic of Iran has launched a digital insurance platform, titled Hormuz Safe, in order to guarantee safe passage through the Strait of Hormuz and provide coverage for commercial vessels.
The platform will rely on cryptocurrency payments from vessels and is being advanced by the Iranian Economy Ministry, according to a Saturday report by Fars News Agency. "The Ministry of Economy is advancing a plan that would make the management of the Strait of Hormuz possible through insurance - a model that would be acceptable to other countries during peacetime while still allowing Iran to exercise control over the Strait," the agency’s correspondent reported, citing a government document.
via Associated Press"Under this plan, Iran would achieve informational dominance and be able to distinguish between the transit of vessels from different countries," the report added.
"From an international law perspective, while imposing tolls on ships in the post-war period may be possible, it would carry political costs. Management of the Strait would then be limited to selling services, which, under the best circumstances, would generate up to $2 billion in revenue for Iran. Under the Economy Ministry's plan, managing the strait through an insurance framework would enable the issuance of various marine insurance policies as well as certificates of financial responsibility," it explained.
According to the document, the plan will start with insurance covering inspection, detention, and confiscation. Damage from military attacks would not be covered.
The ministry estimates that "this approach, while assuming low risk, would generate over $10 billion in revenue" for Iran. Since the start of the unprovoked US-Israeli war on Iran, the Strait of Hormuz has been closed to Washington and Tel Aviv.
Chinese ships and vessels belonging to other nations, which have coordinated with Iran, including France and India, have at times crossed throughout the war and the so-called ceasefire period.
The Islamic Republic of Iran Broadcasting (IRIB) network reported on May 16 that several European governments have opened direct channels with Tehran to discuss safe passage through the waterway.
The Fars News Agency report comes weeks after Bloomberg said Iran has set up a "toll booth" in the strait, requiring ships to undergo vetting and pay fees for safe passage.
One of Tehran’s main terms is a new global system that would grant authority over the Strait of Hormuz, in coordination with Oman and potentially other regional states.
Iran’s Economy Ministry Proposes Insurance-Based Model to Manage Strait of Hormuzhttps://t.co/40dZnoQg1M pic.twitter.com/Qlg1ME4zGL
— Fars News Agency (@EnglishFars) May 16, 2026Iranian media said days ago that Iranian and Omani officials convened a legal-technical meeting in Muscat to discuss the Strait of Hormuz, arrangements for the secure passage of ships, and the sovereign rights of both nations over the waterway. The US has maintained an 'illegal' blockade of Iranian ports since the ceasefire began, while repeatedly threatening to renew bombardment. Israel has also said it is awaiting US approval to renew attacks against Iran.
Washington violated the truce earlier this month by attacking several vessels and bombing Iran’s coast. Iranian forces targeted two US military vessels in response (while the Pentagon maintains it was the other way around). The next day, skirmishes broke out between Iranian and US forces in the Strait of Hormuz.
Iranian officials are warning that "restraint has ended" and that renewal of the war will result in "crushing" responses.
Tyler Durden Sun, 05/17/2026 - 17:30Tennessee Dem Steve Cohen tears up on air after redistricting destroys his reelection bid
Paris Hilton goes unexpectedly dark brunette in dramatic hair transformation
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Big Pharma RINO Bill Cassidy Smoked By Trump-Endorsed Candidate In Louisiana Senate Primary
Senator Bill Cassidy (R-LA) came in third in Louisiana's Republican Senate primary on Saturday - marking the first time in nearly 15 years that a sitting US Senator has lost a primary in a regularly scheduled election.
Instead, Trump-endorsed Rep. Julia Letlow led with ~45% of the vote, while state Treasurer John Fleming came in second at 28%.
Letlow and Fleming will now face off in a June 27 runoff.
Cassidy was a notable fan of Obamacare, and voted to convict Trump during impeachment over the Jan. 6, 2021 Capitol riot. He also helped sink Casey Means' nomination for surgeon general, which drew sharp criticism from Health Secretary Robert F. Kennedy Jr, and his MAHA movement. He's been labeled a big pharma shill by opponents.
With Bill Cassidy's primary defeat last night, @PeterKolchinsky has one less Big Pharma puppet to play with in Congress. https://t.co/NLmnYVaIXQ
— Jason Poulos (@jasonvpoulos) May 17, 2026Of note...
- Over $1.2 million in career contributions from the pharmaceutical and health products industry, according to OpenSecrets data, with hundreds of thousands received in recent cycles.
- Pharma executives showered him with donations shortly after he became the top Republican on the Senate HELP Committee in 2023, including $5,800 from Pfizer CEO Albert Bourla, $5,000 from Eli Lilly CEO David Ricks, and contributions from other PhRMA board members.
- Opposed key drug pricing reforms aimed at lowering prescription costs, while taking substantial industry money during those periods.
- Received nearly $330,000 from the pharma/health industry in the 2023-2024 cycle alone, ranking him among the top Senate recipients.
Sen. Bill Cassidy, the biggest obstacle to medical freedom and reforming the vaccine cartel got crushed yesterday in the Louisiana GOP primary. Cassidy has stood in the way of every reform proposed by RFKJ, opposed the appointment of anybody who would change the current corrupt… pic.twitter.com/pfJFr22cB0
— Autism Action Network (@AutismActionNet) May 17, 2026The last time a sitting US Senator lost their seat in a primary was in 2012, when longtime Sen. Dick Lugar (R-IN) lost his Republican primary to Richard Mourdock.
🚨 HOLY CRAP! RINO Sen. Bill Cassidy just got completely SHUT OUT of his Senate seat — not only getting pummeled by Trump-backed Julia Letlow, but also losing to John Fleming, who got 2nd
This is the first time in nearly 15 YEARS a sitting US Senator lost their primary in a… https://t.co/1zvNKA5K7v pic.twitter.com/OxBTYO6dNq
Letlow, meanwhile, is your standard issue conservative. The Louisiana congresswoman has a solidly right-leaning congressional record. She earned Trump’s full backing after Cassidy voted to convict him, and she campaigned on core America First priorities including border security, energy production, and opposition to woke policies.
While critics on the right point to her membership in the more moderate Main Street Caucus, slightly softer Club for Growth scores on spending, and past academic work involving DEI language, these are relatively minor compared to her overall alignment with Republican and MAGA priorities. In the context of Louisiana’s deep-red politics, Letlow represents a clear shift away from Cassidy-style establishment Republicanism toward a more Trump-aligned Senate candidate heading into the June runoff.
Tyler Durden Sun, 05/17/2026 - 16:55