Iran confirms Strait of Hormuz is open

However, President Donald Trump said the current US naval blockade on Iranian ports will remain in place until a Washington-Tehran agreement is “100% complete,” News.Az reports, citing foreign media.

Multiple countries welcomed news that the critical waterway could be open for shipments. Oil prices promptly dropped sharply and stock futures surged.

Here’s what to know:

Authorities in Tehran will only allow “non-military vessels” to pass through “designated routes” approved by Iranian naval forces, one senior military official told state news agency Islamic Republic of Iran Broadcasting on Friday.

If the US continues its naval blockade, Iran will consider it a ceasefire violation and close the Strait of Hormuz, Iranian state media Fars reported.

Meanwhile, Trump claimed on Truth Social that Iran had committed to “never close the Strait of Hormuz again.” The president has been posting live updates on Iran negotiations as he gets readouts from Pakistan, saying the US will acquire Iran’s enriched uranium and that no money would “exchange hands.” That follows CNN reporting that the Trump administration is considering unfreezing $20 billion in Iranian assets as part of ongoing talks.

In the absence of a new deal or extension, reopening the Strait of Hormuz would give shipping authorities less than a week to relieve thousands of sailors and billions of liters of oil trapped in the Persian Gulf before the ceasefire expires.