Iran says Hormuz Strait open after Lebanon deal, Trump expects Iran deal 'soon'

Iranian Foreign Minister Abbas Araqchi said the Strait of Hormuz was open following a ceasefire accord agreed in Lebanon, while US President Donald Trump said he believed a deal to end the Iran war would come "soon", although the timing remains unclear.

Araqchi said in a post on X the Strait was open for all commercial vessels for the remainder of the US-brokered 10-day truce between Israeli forces and Iran-backed Hezbollah agreed between Israel and Lebanon.

He said the passage of ships would need to be along the route that Iran's Ports and Maritime Organisation had announced.

The US-Israeli attack on Iran, which started on 28 February, has killed thousands of people and destabilised the Middle East. The conflict also effectively closed the Strait of Hormuz, through which a fifth of the world's oil and liquefied natural gas transits, threatening the worst oil shock in history.

Oil prices CLc1, LCOc1 fell by about 9%, extending earlier losses, following Araqchi's post.

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The International Monetary Fund this week lowered its forecasts for global growth and warned the global economy risked tipping into recession if the conflict was prolonged.

Trump had said on Thursday that talks could happen as soon as this weekend, although that was looking increasingly unlikely by Friday afternoon given the logistics of assembling officials in the Pakistani capital Islamabad, where the talks are expected to take place.