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(Bloomberg) — Iran said it would open the Strait of Hormuz for the duration of a 10-day ceasefire between Israel and Hezbollah in Lebanon, increasing the prospect of a wider peace deal.
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The critical waterway for global energy supplies, which has been shut since the US and Israel starting bombing Iran at the end of February, is now “completely open” for commercial shipping, Iran’s Foreign Minister Abbas Araghchi said in a post on X.
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Oil prices plunged on the surprise announcement, declining more than 9% to $90 a barrel.
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Araghchi’s comments came after Israel and Hezbollah looked to be observing a truce announced by US President Donald Trump on Thursday. Their ongoing conflict had been complicating efforts by Washington and Tehran to agree to an extension to their own ceasefire beyond next week.
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Trump previously said Iran had made key concessions in a negotiation to end the seven-week war, saying it may not be necessary to renew the two-week truce that started around April 8.
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“Iran wants to make a deal. They are willing to do things today that they weren’t willing to do two months ago,” the president told reporters on Thursday. “We have a very successful negotiation going on right now. If it happens, it will be announced fairly soon.”
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Iran has yet to comment on Trump’s claims that Tehran has made concessions, including over the key issue of its nuclear program, though the Hormuz announcement is an indication of improved relations between the sides.
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Trump reiterated that the Islamic Republic “will not have nuclear weapons,” and pushed back against suggestions that a fixed-term moratorium on uranium enrichment is up for negotiation.
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The US leader’s predictions of a quick end to the war have been a regular fixture of the conflict, which has killed thousands and triggered a surge in energy prices, but are nonetheless reinforcing optimism in global markets. Wall Street gauges closed at all-time highs on Thursday.
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The prospects for a formal peace agreement have been given a boost by Israel and Lebanon’s ceasefire. While the initial announcement didn’t mention Hezbollah, the Iran-backed militant group stopped firing rockets into Israel overnight and supporters celebrated in Beirut.
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Israeli Prime Minister Benjamin Netanyahu confirmed the agreement, calling it a step toward a broader peace, and Trump said US officials would work with both sides to secure a lasting deal.
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Israel has been fighting Hezbollah in southern Lebanon since just after the start of the US-Israeli bombing of Iran on Feb. 28. The Israeli military has occupied large parts of southern Lebanon as part of the campaign, which Lebanese authorities say has killed more 2,000 people and displaced a million more.
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Trump said he spoke with his Lebanese counterpart, Joseph Aoun, and Netanyahu before declaring the ceasefire. In a subsequent social media post, Trump said he would invite both leaders to the White House for talks.
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