President Donald Trump said Wednesday that Iran had informed him there would be no tolls, insurance costs, or charges of any kind for ships looking to pass through the strategically vital Strait of Hormuz.

"Additionally, no money has been given to Iran, or released from their money to them, by the U.S. We will be releasing some of their money, that is totally controlled by us, to our Farmers and Ranchers, for the purchase of Corn, Wheat, Soybeans, and more," Trump said in a post on Truth Social.