Iran will “administer” the Strait of Hormuz, Tehran’s chief negotiator said, in what would be a major diplomatic victory.

Iran’s wins seem to be stacking up: It plans to make vessels traversing the waterway buy insurance, Lloyd’s List reported, something the outlet said amounted to a de facto toll. The US also temporarily suspended some sanctions, allowing Iranian oil to be sold in dollars, and potentially to US buyers for the first time since 1979.

In return, US Vice President JD Vance said Tehran would allow nuclear inspections, saying talks had laid “a successful foundation.” But his role was made more difficult by his boss, President Donald Trump, who reiterated threats to bomb Iran if the strait was closed again.