Pete Hegseth confirmed this afternoon that the Strait of Hormuz was reopened (Picture: Getty)

Iran could soon be rolling in cash if it goes ahead with charging vessels for passing through the Strait of Hormuz – at $1,000,000 per ship.

It comes as Secretary of Defence Pete Hegseth and General Dan Caine,the chairman of the Joint Chiefs of Staff,told reporters that the Strait of Hormuz has reopened today.

Hegseth said ships will soon ‘be sailing’ through Hormuz,adding: ‘It’s time for the rest of the world to step up and ensure that that stays open,after President Trump and the War Department brought Iran to the place where they are voluntarily opening it right now,as was announced last night.’

But reports from the Gulf show that several vessels received messages from Iran’s navy saying that the Strait of Hormuz was still shut down.

‘Any vessel trying to travel into the sea … will be targeted and destroyed,’ the message said.

British Prime Minister Keir Starmer said on Wednesday there was still a lot of ​work to do to reopen the Strait of Hormuz.

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Start your day informed with Metro's News Updates newsletter or get Breaking News alerts the moment it happens.‘We now … have a ceasefire,but there’s ​a lot of work to do,as you will appreciate,⁠a lot of work to make sure that that ceasefire ​becomes permanent and brings about the peace that we all want ​to see,’ he said in a speech to military personnel at a base in Saudi Arabia.Reuters is reporting that a senior Iranian official said Tehran could open the Strait ahead of peace talks later this week – but it would be conditional on an agreed ceasefire framework – and all ships which pass would have to be approved by Iran.The US government doesn’t appear to have recognised Iran’s plan to charge vessels in the Strait,but Iran said the new peace deal would allow it to ‘formalise’ the process of charging ships.Still,the terms were not clear,nor was whether ships would feel safe using the crucial transit lane for oil.The ten-point plan Tehran proposed for lasting peace mentioned that the US would allow Iran to control the Strait of Hormuz.Iran could soon use money raised by charging ships for the country’s reconstruction.

What does the reopening of Hormuz mean for petrol prices?

Drivers could finally be in for some respite after the Iran war sent petrol prices through the roof at forecourts across the UK as the key oil route was blocked.However,fuel markets will not return to normal overnight,and trust in the ceasefire is overshadowed by the unpredictability of the warring parties that could throw everything back to square one,Metro transport correspondent Noora Mykkanen reports.The situation is bleak at petrol pumps in particular,although the industry has continued to insist there is no sign of fuel supplies running out.Simon Williams,RAC’s head of policy,said the best hope for drivers is that pump prices stop rising further and plateau in the coming days.However,this will depend on three things – the ceasefire stability,whether oil shipments can move freely through the strait,and long-term oil production across the wider Gulf region,he said.

Why is the Strait of Hormuz so vital?

The narrow maritime passageway is vital for trade (Picture: Marine Traffic)Tankers collecting from various ports on the Persian Gulf must go through Hormuz,a 60-mile-wide part of the Persian Gulf which has been at the heart of regional tensions for decades.Although most chokepoints can be bypassed by using other routes,which often add significantly to transit time,some have no alternatives.Maritime ship experts say shipowners are increasingly wary of using the waterway,with some ships having tightened security and others cancelling routes there.The UN allows countries to exercise control of their territorial seas up to 13.8 miles from their coastlines,and some portions of the Strait lie entirely in Iran and Oman’s territorial waters.This has made the conflict between Iran and the US even more stressful.Get in touch with our news team by emailing us at .