The vessel was said to have been using a maritime export corridor to move cargo down the Romanian and Bulgarian coastlines to Turkey.

The Houthi blockade will reportedly target the Bab el-Mandeb strait, which serves as the route for roughly 5% of global gas and oil supplies.

The U.S. restored a blockade against Iranian shipping on July 14, a step that all but halted Tehran’s crude exports when it was imposed previously.

Kenya has been banking on the levy to restart work on the China-built and funded project that runs from Mombasa, but stalled in a scrubland west of Nairobi.

June was the port's third strongest month on record, and the third time it has ever crossed the 1 million TEU threshold.

The IMO’s secretary general told Bloomberg Radio that ships should continue to avoid navigating Hormuz because of the current level of navigational risk.

Trump cited "highly productive conversations with Middle East leadership," following his initial fee proposal the prior day.

In the period between the two cordons, Tehran was able to ship at least 2.2 million barrels a day, a very high level by recent standards.

Trump said that the he would be reinstating a blockade of the strait, and declared that the U.S. should be reimbursed for "providing safety and security" to the waterway.

The deal ends a tense standoff between the two trading partners.