U.S. President Donald Trump said on Wednesday that Iran had agreed not to impose fees on vessels passing through the Strait of Hormuz.
According to Trump, ships using the strategically important waterway will not face tolls, additional insurance expenses or other transit-related charges.
Trump Rules Out Strait of Hormuz Transit Fees
Trump announced the development in a post on Truth Social.
He said Iran had informed the United States that vessels would be permitted to travel through the Strait of Hormuz without paying fees.
The announcement could help reduce uncertainty surrounding shipping costs and international energy supplies moving through the region.
U.S. to Maintain Control Over Iranian Funds
Trump also said the United States had not transferred or released money directly to Iran.
However, he indicated that Washington would authorize the controlled use of some Iranian funds to purchase agricultural products from American producers.
The planned purchases could include corn, wheat, soybeans and other food products supplied by U.S. farmers and ranchers.
Trump said Iran urgently needed food and that the products would be purchased exclusively from the United States.
Treasury to Oversee Released Funds
Treasury Secretary Scott Bessent separately said that the Treasury Department would manage Iranian funds released under Trump’s interim agreement with Tehran.
Speaking to CNBC, Bessent said a substantial portion of the money would be used to purchase U.S.-produced food and medicine.
The Treasury Department will oversee the funds in the Middle East. This arrangement is intended to maintain controls over Iran’s access to previously frozen assets.
Interim Agreement Reopens Strait of Hormuz
The United States and Iran signed a 14-point interim memorandum of understanding last week.
The agreement reopened the Strait of Hormuz and introduced a 60-day ceasefire period.
The waterway is one of the world’s most important energy routes, carrying roughly one-fifth of global energy supplies.
U.S.-Iran Negotiations Continue
The United States and Iran completed their first round of negotiations in Switzerland on Monday.
The talks are expected to focus on implementing the interim agreement and creating a framework for a broader settlement.
The removal of transit fees and the reopening of the strait could support regional shipping activity while reducing concerns about disruptions to global oil and gas supplies.
