Donald Trump claimed that the United States and Iran are launching a 'joint venture' in the Strait of Hormuz, and that Iran has agreed to a two-week ceasefire while a 10-point peace plan is considered. The exact terms of the peace deal have not been revealed. Trump said at a press conference: 'We're thinking of doing it as a joint venture. It's a way of securing it - also securing it from lots of other people. It's a beautiful thing.' The announcement comes after weeks of heightened tensions in the region, including airstrikes on Iranian nuclear facilities.
Iran has demanded tolls of up to $1 million on ships passing through the Strait during the two-week period, according to an unnamed Middle East official. However, there is a discrepancy in reported toll amounts: one of Iran's demands is to charge $2 million per vessel, which could indicate different stages of negotiation or different sources. The ten-point plan, as reported by Iran's Tasnim news agency, includes US acceptance of Iran's continued control over the Strait, recognition of its right to uranium enrichment, lifting all sanctions, paying compensation, and withdrawing all troops from the region. Trump vowed that Iran will not be able to enrich uranium and that the US will coordinate with Tehran to extract 'nuclear dust' buried deep underground.
We're thinking of doing it as a joint venture. It's a way of securing it - also securing it from lots of other people. It's a beautiful thing.
According to the White House, the safety of the uranium was confirmed before an eleventh hour deal was struck. Trump said that tariff and sanctions relief were being discussed as part of a peace plan with 'many' points already agreed. He stated: 'They are very good points - and most of them have been fully negotiated. If it isn't good, we'll go right back to it very easily.' Trump also claimed that 'nothing has been touched from the date of attack,' referring to the condition of Iran's nuclear facilities after the bombing.
Iran's Supreme Leader Mojtaba Khamenei instructed his negotiators to move towards a deal, according to Axios. Meanwhile, the closure of the Strait of Hormuz has caused a surge in Panama Canal crossings. Businesses have paid up to $4 million to move boats through the Panama Canal due to the Strait of Hormuz effectively being closed, according to the Panama Canal Authority. The average price to cross the Panama Canal ranges between $300,000 and $400,000, but the average additional cost for an earlier crossing has jumped to around $425,000 in recent weeks.
They are very good points - and most of them have been fully negotiated. If it isn't good, we'll go right back to it very easily.
One company paid an extra $4 million when its fuel vessel had to change destination due to geopolitical tensions, according to Ricaurte Vásquez, administrator of the Panama Canal. According to The Independent - Main, Vásquez described that the ship was carrying fuel to Europe and was redirected to Singapore because Singapore was running out of fuel. Other oil companies paid an excess of $3 million in addition to the crossing fee to accelerate passage. According to The Independent - Main, Rodrigo Noriega, a lawyer and analyst in Panama City, described that with all the bombings, missiles, and drones, companies are saying it is safer and less expensive to cross through the Panama Canal, affecting global supply chains.
Panama's foreign ministry accused Iran of illegally seizing a Panama-flagged vessel, MSC Francesca, in the Strait of Hormuz. It is unclear whether the vessel has been released. Swedish tanker company Stena Bulk has had several ships trapped in the Persian Gulf for six weeks. The status of these ships remains unknown. The two-week ceasefire is reportedly in effect, but this has not been independently confirmed. The current status of Iran's nuclear facilities after the bombing is also unclear.
Nothing has been touched from the date of attack.
With all the bombings, the missiles, the drones ... companies are saying it's safer and less expensive to cross through the Panama Canal. All of this is affecting global supply chains.