US President Donald Trump on Tuesday sought to ease concerns about possible shipping charges in the Strait of Hormuz, one of the world’s most important oil transit routes. In a post on Truth Social, Trump said Iran had assured the United States that ships passing through the strait would not face any tolls, insurance fees, or other charges. “There will be no tolls, no insurance costs, and no other charges of any kind,” Trump said, adding that negotiations would end immediately if the information turned out to be false.
Why Concerns Were Raised
Questions about possible shipping fees emerged after reports suggested Iran could take a bigger role in managing maritime traffic in the Strait of Hormuz. Talks involving Iranian and Omani officials on shipping and maritime services led to speculation that transit charges might eventually be introduced. The Strait of /8520
Ho0rmuz is a key global trade route and carries about one-fifth of the world’s seaborne oil shipments.
Trump Rejects Reports of Money Transfers to Iran
Trump also denied reports claiming that the United States had already transferred money to Iran as part of ongoing negotiations. According to Trump, no money has been handed over to Iran or released directly to its government.
Proposal to Use Iranian Funds for US Farm Products
Trump said the US is considering releasing some Iranian funds that remain under American control. However, the money would not be given directly to Iran. Instead, it would be used to buy American agricultural products such as corn, wheat and soybeans. He said these products are urgently needed in Iran and would be supplied exclusively by American farmers.
Plan Involves Frozen Iranian Assets
The proposal is linked to broader discussions over billions of dollars in frozen Iranian assets. US Vice President JD Vance recently explained a framework that would allow Iran limited access to some of its frozen funds while ensuring strict oversight on how the money is spent. According to Vance, the idea was developed by Jared Kushner in coordination with Qatar.
Strict Oversight on Spending
Under the proposed system, any release of Iranian funds would require approval from both US and Qatari authorities. The money could only be used to purchase approved American agricultural products for Iran. US officials say the arrangement is designed to ensure the funds benefit ordinary Iranian citizens and are not used for military activities or support for armed groups.
Similar Arrangement Used Earlier
The proposal is similar to a system used during the administration of former US President Joe Biden. In 2023, Iranian funds held in South Korea were transferred as part of a prisoner exchange agreement. Those funds could only be used for approved humanitarian purchases such as food and medicine under US supervision.
Negotiations Continue
The discussions remain part of wider US-Iran negotiations. While talks are ongoing, Washington says any access to frozen Iranian assets would come with strict monitoring and spending restrictions.
First published on: Jun 24, 2026 06:43 PM IST
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