Iran has declared the Strait of Hormuz “completely open” to commercial vessels during the ongoing ceasefire.
Foreign Minister Abbas Araghchi said the move follows the Israel-Lebanon truce.
“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,” he said Friday.
He added that ships must follow routes set by Iran’s maritime authorities.
The announcement comes after a 10-day ceasefire between Israel and Lebanon, though it is unclear if Hezbollah will fully comply.
Oil prices dropped sharply after the news, easing fears over global supply.
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US President Donald Trump confirmed the development, saying the strait is “completely open and ready for business and full passage”.
He, however, said US naval measures against Iran will remain until a wider agreement is reached.
“There are no sticking points,” Trump said, adding that a deal is “very close”.
UN Secretary-General Antonio Guterres welcomed the move.
“We need the full restoration of international navigational rights and freedoms in the Strait of Hormuz to be respected by all parties,” he said.