Before the war, the strait was freely open to all ships with no fees. Iran reported "significant progress" in the talks and said both inward and outward journeys would pass through Iranian waters. "The concession has already been made regarding some form of control over Hormuz," one of the regional sources told Reuters. According to the senior Iranian official, Iran is seeking fees of between 5% and 7% of the price of cargoes from ships using the strait. Crude prices have plunged over the past two days after Trump called off renewed attacks on Iran, citing talks he said could end the conflict.