Iranian Foreign Minister Abbas Araghchi confirmed the development in a statement shared on social media, assuring that maritime traffic would continue without disruption.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran,” Araghchi said.

The move signals Tehran’s intent to maintain stability in one of the world’s most critical oil transit routes amid regional tensions.

The Strait of Hormuz is a vital corridor for global energy supplies, and any disruption to shipping through the passage often raises concerns in international markets.

Trump welcomes Iran’s announcement

Meanwhile, US President Donald Trump welcomed Iran’s announcement that the crucial Strait of Hormuz will be open to shipping for the duration of a ceasefire.

“THANK YOU!” Trump wrote on his Truth Social platform, saying that Iran had announced the narrow waterway was “FULLY OPEN AND READY FOR FULL PASSAGE.”

US blockade to remain in place

In another post on Truth Social, Trump said that the American naval blockade will remain in place “until such time as our transaction with Iran is 100 per cent complete”.

“This process should go very quickly in that most of the points are already negotiated,” he added.

Oil prices drop

Oil ‌prices plunged by about 14% on Friday, ​extending previous losses, ​after Iran’s foreign minister’s announcement.

Brent crude futures fell $12.87, or 12.95%, to $86.52 a barrel by 10:50 a.m. EDT (1450 GMT), after falling to ​a session low of $86.09. US West Texas Intermediate crude futures were down $13.50, or 14.26%, at $81.19 a barrel, ​after touching $80.56.

Israel-Iran ceasefire

Israel and Lebanon agreed to a 10-day ceasefire starting on Thursday, US President Donald Trump said after speaking to Israeli premier Benjamin Netanyahu and Lebanese counterpart Joseph Aoun.

Trump said he had directed US Vice President JD Vance, Secretary of State Marco Rubio, and top US military officer Dan Caine to work with the two countries “to achieve a Lasting PEACE.”

Lebanon was pulled into the Middle East war on March 2 after the Lebanon-based armed group Hezbollah, which is backed by Iran, attacked Israel.

Since then, Israeli strikes in Lebanon have killed more than 2,000 people and displaced more than a million, and Israeli ground forces have invaded the country’s south.