US Vice President JD Vance said vessels using the Strait of Hormuz will not be charged transit fees during the 60-day period of negotiations envisaged under the agreement between Washington and Tehran.

Iran will reportedly allow free passage through Strait of Hormuz for 60 days, but may collect fees in future.

Iran offers 60-day toll-free transit through the Strait of Hormuz during ceasefire talks, while launching a bitcoin-settled maritime insurance platform.