The ceasefire prompted a surge in crude shipments through the Strait of Hormuz, where traffic had largely ground to a halt during the conflict.

Iran says it has exported more than 40 million barrels of crude oil since the U.S. removed its naval blockade two weeks ago.

Tehran is now selling oil at a 20% premium: chief negotiator Mohammad Bagher Ghalibaf.

Iran has agreed to let ships transit the Strait of Hormuz toll-free for 60 days under an MOU with the U.S., but said it will retain control over the waterway’s administration.