Following a second round of peace talks in Washington between Israel and Lebanon, President Trump announced Thursday evening that the ceasefire between the two countries agreed to on April 16 had been extended by three weeks.

As Iran’s state media posted dramatic video of masked commandos boarding two cargo ships in the Strait of Hormuz, the Philippine government confirmed 15 seafarers were on the vessels being held by Iran’s Revolutionary Guard, but said they were “safe and unharmed.”

Mr. Trump said Thursday he wants “to make the best deal” possible with Iran, later adding that “I don’t want to rush myself.”

Businesses have doled out up as much as $4 million to move boats through the Panama Canal with the Strait of Hormuz effectively closed, according to the Panama Canal Authority, in a move that has created a seismic shift in global trade flows.

While passage through the waterway usually comes at a flat rate via reservations, companies without reservations can cross by paying an additional fee in an auction for slots, which are awarded to the highest bidder rather than waiting for days off the coast of Panama City.