Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.

Tehran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.

Oil prices plunged after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.

US President Donald Trump responded to the olive branch by thanking Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.

A second round of truce talks between the US and Iran is expected to take place as early as this weekend.