Shipping costs for the Gulf have fallen in the past two days after a ceasefire was reached between Israel and Iran, although rates could rebound if tensions increase, shipping and insurance industry sources said on Thursday.

Iran’s supreme leader, Ayatollah Ali Khamenei congratulated Iranians for what he described as a victory over Israel and the United States, in defiant remarks published on state media that appeared to be his first public statement since U.S. war planes bombed three of the country’s nuclear facilities.