WASHINGTON/ISLAMABAD: Abbas Araghchi announced that the Strait of Hormuz has been reopened for commercial shipping during the ongoing ceasefire period, while Donald Trump expressed optimism that a deal with Tehran could be reached “soon”.
In a post on X, Araghchi said all commercial vessels could transit the vital waterway for the duration of the US-brokered 10-day ceasefire between Israel and Hezbollah. He added that ships must follow routes designated by Iran’s Ports and Maritime Organisation.
Oil markets react
The reopening of the Strait — through which around one-fifth of global oil and gas supplies typically pass — helped ease market concerns, with oil prices dropping by nearly 9 per cent following the announcement.
The route had effectively been closed since the conflict erupted on February 28, raising fears of a major global energy shock.
US maintains blockade
Despite Iran’s move, Trump said a US naval blockade targeting vessels heading to Iranian ports would remain in place until a comprehensive agreement is finalised.
Posting on Truth Social, he said the “transaction with Iran” was close to completion, noting that most key issues had already been negotiated.
While Trump had earlier suggested talks could resume within days, logistical challenges have cast uncertainty over the timing of the next round, which is expected to take place in Islamabad.
Gaps remain in negotiations
Iranian officials, however, signalled that significant differences persist. Clerics delivering Friday sermons in Tehran and other cities struck a firm tone, stressing that Iran would not accept terms perceived as humiliating.
A major sticking point remains Tehran’s nuclear programme. Washington has proposed a 20-year suspension of Iran’s nuclear activities, while Iran has suggested a shorter freeze of three to five years.
Tehran has also called for the lifting of international sanctions, while the US has pushed for the removal of highly enriched uranium from Iran — an issue both sides appear to be negotiating, though no agreement has been confirmed.
Backchannel diplomacy advances
Diplomatic sources in Pakistan said backchannel efforts were making progress, with a potential meeting between US and Iranian officials possibly leading to the signing of a memorandum of understanding.
The source indicated that a broader agreement could follow within 60 days if current momentum is sustained.
Lebanon ceasefire holds
Meanwhile, a parallel ceasefire between Israel and Hezbollah appeared largely intact, despite some reported violations.
Pakistan, which has been mediating between Washington and Tehran, has emphasised that stability in Lebanon is a key component of any wider regional settlement.
The developments come as global attention remains focused on whether diplomatic efforts can translate into a lasting agreement to end the conflict and stabilise the region.