U.S. President Donald Trump arrives at the Palace of Versailles as French President Emmanuel Macron hosts a dinner at the Palace on June 17, 2026 in Versailles, France.
Mark Piasecki | Getty Images
President Donald Trump said Wednesday that Iran has notified him that it will not impose tolls, insurance or other fees on ships attempting to transit the strategic Strait of Hormuz.
“Furthermore, the United States has not given any funds to Iran and has not released any of their funds to them. We will release some of their funds, which we have full control over, to our farmers and ranchers for the purchase of corn, wheat, soybeans, etc.,” President Trump said in a post on Truth Social.
“Iran is in dire need of food and we will only buy food for them from the United States,” he added.
Iran has not yet commented on President Trump’s post.
The president’s remarks came shortly after the United States and Iran signed an interim peace agreement to end the conflict, but Washington and Tehran continue to clash over some of the details of the 14-point memorandum of understanding.
Under the memorandum, the two sides agreed to keep the Strait of Hormuz free for at least 60 days and cease all hostilities, including in Lebanon, where fighting continues between Israel and Iran-backed Hezbollah.
The Trump administration has faced criticism from Republican lawmakers over certain aspects of the agreement, with some expressing concern that the memorandum is a step in the wrong direction.
Shipping through the Strait of Hormuz, a narrow waterway that normally handles about 20% of the world’s oil shipments, was found to have stalled over the weekend.
Iran and Oman announced in a joint statement on Tuesday that they would begin work on an agreement on services related to navigation in the Strait of Hormuz. This includes “associated costs in accordance with international standards.”
The Strait of Hormuz, located in the Gulf between Oman and Iran, is recognized as one of the world’s most important oil chokepoints.
Oil prices fell on Wednesday. Brent crude oil futures, an international benchmark, fell 3% to $74.75 a barrel, the lowest since February 28, the day before the US and Israel launched airstrikes against Iran.
U.S. West Texas Intermediate futures for August were recently down nearly 3% to $71.03 per barrel.
