Iran announced on Friday that the Strait of Hormuz has reopened to commercial shipping for the remainder of the current ceasefire period, a move that eased market concerns and raised hopes for broader diplomatic progress in the region.

Iranian Foreign Minister Seyed Abbas Araghchi said passage for all commercial vessels through the strategic waterway was "completely open" during the remaining days of the 10-day ceasefire linked to the Israel-Lebanon truce. He added that ships must follow a "coordinated route" designated by Iran's maritime authorities.

The Strait of Hormuz, which links the Persian Gulf with global markets, is one of the world's most vital energy corridors. Before the conflict, about one-fifth of global crude oil supplies passed through the narrow channel. Its disruption has been widely described as one of the most severe oil supply shocks in modern history, underscoring the far-reaching economic consequences of regional instability.

Following Friday's announcement, oil prices fell by more than 10 percent to below $90 a barrel, while equity markets rallied as investors welcomed signs that energy flows could normalize. Analysts said the sharp reaction reflected expectations of lower geopolitical risk and reduced pressure on global inflation.

US President Donald Trump acknowledged Iran's move on Friday and said negotiations on a broader agreement could advance quickly. At the same time, he said US restrictions on Iranian ports would remain in place until a peace deal is reached.

Trump had agreed to a two-week ceasefire on April 7 in exchange for Iran fully reopening the strait. However, Iranian Parliament Speaker Mohammad Bagher Ghalibaf later accused Washington of breaching the understanding by allowing Israel to continue military operations in Lebanon.

As disagreements over the ceasefire terms persisted, the strait had remained largely closed in recent days, with only a limited number of commercial vessels reportedly passing through each day.

Diplomatic efforts are continuing. Talks last weekend in Pakistan between US Vice-President JD Vance and Ghalibaf did not yield a permanent settlement to the US-Iran conflict. Trump said another round of negotiations involving US and Iranian officials could take place this weekend in Pakistan.

The latest developments come as a separate 10-day ceasefire between Israel and Lebanon appears to be holding, allowing some civilians to return to damaged towns and villages in southern Lebanon despite continued uncertainty.

Observers said the reopening of the Strait of Hormuz once again highlights the importance of dialogue and de-escalation in safeguarding regional peace, protecting civilian lives and ensuring the stability of global supply chains.

Iran's forensics authority said more than 3,300 people have been killed in the country since US-Israeli strikes began on Feb 28. In Lebanon, the death toll has surpassed 2,100, while 32 people were reported killed in Gulf states and 23 in Israel. The United States said 13 service members had died, with two additional deaths attributed to noncombat causes.