The refiners, better known as teapots, began to seek prompt cargoes of Iranian crude after oil prices plunged Wednesday, Reuters reported.

Shortly after the announcement of the ceasefire, Brent crude futures tumbled below $100 per barrel, the lowest since March 11, a slump that is tightly linked to the safe reopening of the strategic Strait of Hormuz.

The imposed war by the US and Israel on February 28 had made the strait impassable for any vessels and tankers linked to the two aggressors and their allies, leading hundreds of them stranded in the Persian Gulf.

“There are some inquiries this morning as Brent slipped into the $90s,” Reuters quoted a trader described as close to Iranian oil trade as saying.

Under the two-week ceasefire agreement, Iran and Oman will charge fees on any vessel transiting the 34-km-wide Strait of Hormuz, which lies within the territorial waters of both countries.

Iran says it will use the funds for post-war reconstruction, following widespread destruction to the country’s defense, administrative, and civilian infrastructure.

The transit fee, according to Reuters, would vary depending on the type of ship, its cargo, and other prevailing conditions.

Earlier in the day, Iranian Foreign Minister Abbas Araghchi wrote that passage through the narrow chokepoint would be allowed under Iranian military management.

In a post on X, Amena Bakr, a senior analyst at Kpler, said that some 172 million barrels of crude oil and petroleum products are awaiting permits for a safe passage through the Strait of Hormuz.

This could translate to more than $360 million in fees for safe passage – an immediate windfall from the opening.

US President Donald Trump, setting a deadline, had warned that if Iran did not reopen the Strait of Hormuz, he would annihilate the country’s civilian infrastructure, beginning with major power plants. However, the American president repeatedly extended the deadline, warning that he would destroy Iranian “civilization” if the waterway remained closed.

The last extension was to expire early on Wednesday, but in the eleventh hour, he pulled back and announced that he accepted a two-week truce proposal mediated by Pakistan.

In addition to control of the Strait of Hormuz, Iran’s demands for ending the war include withdrawal of American combat forces from the region, the lifting of sanctions and the release of its frozen assets.

Iran’s successful retaliatory strikes inflicted heavy losses on Washington and Tel Aviv and demonstrated the futility of their military posturing.