The Iranian regime is seeking to charge up to $1 million for each vessel passing through the Strait of Hormuz, which is set to reopen for two weeks while the US and Iran negotiate a peace agreement, according to regional officials.

US President Donald Trump announced on Tuesday night that Iran had agreed to a two-week ceasefire and the reopening of the critical sea route, while a ten-point peace plan is under review by both sides.

The exact terms of the agreement have not been disclosed.

Trump told Sky News on Wednesday morning that “these are very good points – and most of them have already been fully negotiated. If it’s not a good deal, we can very easily go straight back to it.”

Earlier, however, an anonymous regional official told the Associated Press that Iran wants to impose fees of up to $1 million on ships passing through the Strait during the two-week period.

According to Iran’s 10-point plan, the United States would also have to accept Tehran’s continued control over the Strait, recognize its right to uranium enrichment, lift all sanctions, pay reparations, and withdraw all troops from the region.

Iran will use the revenues collected for reconstruction following the weeks-long conflict.