Global shipping through the Strait of Hormuz has shown signs of partial recovery after Iran announced it was open to commercial vessels during a limited ceasefire, though uncertainty remains over security conditions and compliance rules.
Iran's Foreign Minister Abbas Araghchi announced on social media that the Strait of Hormuz, a key chokepoint in global energy trade, was open to all commercial vessels for the duration of the U.S.-brokered 10-day ceasefire agreed between Israel and Lebanon.
U.S. President Donald Trump told supporters at a rally in Arizona that Araghchi's announcement marked "a great and brilliant day for the world."
However, later statements from both sides created uncertainty over how quickly shipping might return to normal, with some vessels observed attempting to cross the strait on Friday before turning back.
Trump said a U.S. blockade of ships sailing to Iranian ports, announced after talks with Iran last weekend ended without agreement, would remain until "our transaction with Iran is 100% complete".
Iran responded sharply, with Iran's parliament speaker and senior negotiator Mohammad Baqer Qalibaf saying in a social media post that the strait, which until recently carried about a fifth of the world's oil trade, "will not remain open" if the U.S. blockade continues.
Iran has also said all ships must coordinate with the Islamic Revolutionary Guard Corps, a requirement not in place before the war.
The Defence Ministry added in a statement quoted by state television that military vessels and ships linked to "hostile forces", U.S. and Israel, were still not permitted to pass.
Vessel traffic data showed a group of around 20 ships, including container ships, bulk carriers, and tankers, moving through the Gulf toward the Strait of Hormuz on Friday evening, but most ended up turning back, although it was not clear why.
The group included three container ships operated by French shipping group CMA CGM, which declined to comment. It was the largest group of vessels to attempt the transit since the start of the war.
Uncertainty also remains over Iran’s nuclear program, a central issue in ongoing talks. Iran continues to defend its right to a civilian nuclear energy program.
Trump told Reuters the U.S. would remove Iran's stockpiles of enriched uranium. Foreign Ministry spokesperson Esmaeil Baghaei told state TV the material would not be transferred anywhere.
Separately, a senior Iranian official said that Iran hoped a preliminary agreement could be reached in the coming days that could extend a ceasefire that is due to expire next week.
That could buy more time for negotiations on lifting sanctions on Iran and securing compensation for war damages, the official said.
Oil prices fell about 10%, and global stocks jumped on the news that marine traffic might flow through the strait again.
Shipping companies cautiously welcomed Iran's announcement but said they would require clarifications, including about the risk of mines, before vessels move through the entry point to the Gulf.
The U.S. Navy warned seafarers that the mine threat in parts of the waterway was not fully understood and said they should consider avoiding the area.
After a video conference on Friday, more than a dozen countries said they were willing to join an international mission to protect shipping in the strait when conditions permit, Britain said.
Trump told Reuters there could probably be more peace talks this weekend. Some diplomats said that was unlikely given the logistics of gathering in the Pakistani capital Islamabad, where the talks are expected to take place.
A Pakistani source involved in mediation efforts said an upcoming meeting could result in an initial memorandum of understanding, followed by a comprehensive peace agreement within 60 days.
A senior Iranian official told Reuters there had been an agreement on unfreezing billions of dollars in Iranian assets as part of the accord, without giving a timeline.
Later on Friday, Trump, who has repeatedly referred to a peace agreement as a "deal" or "transaction", said at his Arizona rally with supporters that "no money will exchange hands in any way, shape or form."
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