Araqchi said in a post on X the strait was open for all commercial vessels for the remainder of the U.S.-brokered 10-day truce that was agreed on Thursday between Israel and Lebanon to halt fighting between Israeli forces and Iran-backed Hezbollah.

Shortly after Araqchi’s statement, Trump posted on Truth Social: “IRAN HAS JUST ANNOUNCED THAT THE STRAIT OF IRAN IS FULLY OPEN AND READY FOR PASSAGE.”

Uncertainty over shipping resumption

But statements from both sides left uncertainty over how quickly shipping could resume. Trump said a U.S. blockade of ships sailing to Iranian ports – announced after talks with Tehran last weekend ended without agreement – would remain until “our transaction with Iran is 100% complete”.

Iran responded sharply, with Foreign Ministry spokesperson Esmaeil Baghaei warning that Tehran would take “necessary reciprocal measures” if a maritime blockade continued.

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. It was unclear whether they would be stopped or allowed to pass.

U.S.-Israeli strikes on Iran began on February 28, triggering Iranian attacks on Gulf neighbors and reigniting the Israel-Hezbollah conflict in Lebanon.

Thousands have been killed and the conflict effectively shut the Strait of Hormuz — through which a fifth of the world’s oil and liquefied natural gas usually transits — threatening the worst oil shock in history. It also restricted movement of fertilizer, which led to a spike in prices.

Oil prices tumble, stocks jump

Oil prices fell about 10 per cent, 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.

A senior Iranian official said ships could pass only under coordination with Iran’s Islamic Revolutionary Guard Corps.

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.

Diplomacy progress

Trump told Reuters there could probably be more 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.

Troops were deployed along routes into Islamabad on Friday, though roads remained open and the government had not ordered business closures, as it did ahead of the previous meeting.

A Pakistani source involved in mediation efforts said an upcoming meeting could result in an initial memorandum of understanding, followed by a comprehensive deal within 60 days.

“Both sides are agreeing in principle. And technical bits come later,” said the source, who spoke on condition of anonymity.

The U.S.-backed ceasefire between Israel and Lebanon appeared to be largely holding on Friday, despite Lebanese Army reports of some Israeli violations. Paramedics said an Israeli drone strike killed one person in southern Lebanon.

The conflict was reignited on March 2 when Hezbollah opened fire on Israel in support of Tehran, prompting an Israeli offensive that authorities say has killed nearly 2,300 people.

There was no immediate comment from the Israeli military on the reported ceasefire violations.

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Iran is not barred from buying food or other “humanitarian” goods under sanctions imposed over Tehran’s pursuit of nuclear technology, but measures by the European Union and the United States have made trade more difficult over the past two years.

Several international trade sources, with knowledge of deals that have been affected, told Reuters that ships carrying cargoes of grain, including wheat and soybeans, as well as raw sugar, have been stuck for several weeks outside Iranian cargo ports such as Bandar Imam Khomeini and Bandar Abbas.

With evidence of people starting to stockpile food and prices rising following cuts in government subsidies, Iranian officials acknowledged to Reuters that there are import problems, notably due to reluctance among international banks.

One European trade source said: “There are problems getting paid on deals and Iran looks to be struggling on the trade finance side. It comes down to the banking complexities, which have held up cargoes for a number of suppliers.”

Several trade sources point to growing difficulties opening letters of credit, vital to ensuring smooth delivery of goods.

“Western banks are unwilling to get involved,” a second European trade source said. “As soon as the banks see the word ‘Iran’ in the paperwork, you get it rejected.”

Banks “afraid”

Bankers and government officials said Western lenders are steering clear of attempts by Iran to get them involved in financing humanitarian transactions, fearing they could be penalized under U.S. sanctions.

“We still cannot open letters of credit,” said one Iranian government official, who spoke on condition of anonymity.

“International banks are concerned about — or let’s say afraid of — doing business with Iran,” the official added. “And we don’t know what the solution will be. Dozens of ships are waiting at the ports and we just can’t do anything.”

Reuters ship tracking data shows that five panamax-sized vessels, each capable of carrying 60,000 to 70,000 tonnes of grain, reached Iran in early April from ports in Europe, Australia and South America. The vessels were still located around Bandar Imam Khomeini and Bandar Abbas on Friday, several weeks after they should have been able to discharge a cargo.

Reuters was unable to reach owners of the five vessels, which all sailed from international wheat terminals, including Australia’s Kwinana and Rostock and Hamburg in Germany.

“Having a panamax at port for that long would suggest to me there has been a payment issue,” said a Sydney commodities trader. “There have been some issues with Iran in the past.”

The five cargoes would represent nearly two per cent of Iran’s estimated annual wheat consumption of around 17 million tonnes.

Ships waiting

Ship tracking data indicated that other vessels may also have been disrupted in recent months. Four panamax-sized vessels left Australia for Iran at the end of January.

After arriving in Iranian waters in mid- to late February, the vessels were stuck mainly around Bandar Imam Khomeini until they departed in April. A spokesman at agribusiness group Cargill’s Australia office said three panamaxes it had been involved with had been delayed due to port congestion in Iran.

A separate panamax vessel originating in Ukraine was also stuck in Iran for weeks until April. A further three smaller vessels, including one carrying raw sugar, were also held up for weeks, ship tracking data showed.

A European trade source said at least one or two cargoes had been re-routed to other buyers: “The shipments in question were stuck in Iran for a long time and clocked up a big loss,” the source said. “They were subsequently traded to other buyers.”

A second Iranian government official said ships were waiting with perishable goods: “A few have had to return to the country that we purchased goods from.

“Various factors are involved — like Iran not facilitating the delivery and also the banking problems.”

A spokeswoman for U.S. agribusiness company Archer Daniels Midland, which has supplied Iran, said many international banks would not participate in transactions with Iran “for fear of being sanctioned or fined.”

“Another hindrance is Iran’s foreign currency controls,” she added. “Ships arriving in Iran with grain must frequently wait weeks for the Central Bank of Iran to approve the release of funds to pay for the cargo.”

Banking and trade finance sources said several Iranian banks were cut off from the global electronic cross-border payment system SWIFT, which was adding to further financing problems.

A banking source said: “We should not rule out further bureaucratic delays in Iran to manage their limited availability of hard currency until sanctions are properly eased.”

— Jonathan Saul and Parisa Hafezi report for Reuters from London, England and Ankara, Turkey respectively. Additional reporting for Reuters by Michael Hogan in Hamburg, Colin Packham in Sydney and Nigel Hunt in London.

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