Investing.com -- Iran will restrict passage through the Strait of Hormuz to a maximum of 15 vessels per day under a ceasefire agreement with the United States, according to an unnamed senior Iranian source cited by Russia's state TASS news agency on Thursday.

The Strait of Hormuz, a 34-kilometer-wide waterway between Iran and Oman, serves as the primary route for approximately one-fifth of global oil supplies and other essential goods, including fertilizers. The passage connects the Gulf to the Indian Ocean.

Iran has largely blocked the strait since late February when the conflict began, causing global oil prices to rise.