President Donald Trump on Sunday said the United States will take control of the Strait of Hormuz, collecting tolls and 20% of the oil that flows through the waterway if negotiations between Washington and Tehran in Switzerland fall through.

Vice President JD Vance is meeting with Iranian officials on Sunday to finalize the terms of a permanent ceasefire agreement beyond the 60 days agreed in a memorandum of understanding signed last week, at the center of which is the future of the Strait of Hormuz.