Iran’s Foreign Minister has declared the Strait of Hormuz is open after Israel and Lebanon agreed to a ceasefire.

Abbas Araqchi said in a post on X the strait was open for all commercial vessels for the remainder of the US-brokered 10-day truce between Israeli forces and Iran-aligned Hezbollah.

A senior Iranian official told Reuters transit would be through designated lanes that Iran deemed safe for navigation and would exclude naval vessels.

Oil prices fell by 11 per cent, extending earlier losses, following Araqchi’s post.

Major shipping companies reacted more cautiously, signalling it may take more time for traffic through the choke point to return to normal levels, which was about 130 ships a day prior to the war.

German shipping company Hapag-Lloyd said it would refrain from passing through the strait while it assessed the announcement.

The Norwegian Shipowners’ Association said several factors needed to be clarified, including the possible presence of ‌sea mines.

President Trump expressed his thanks for the reopening on TruthSocial, saying the strait “is fully open and ready for full passage”.

However, he said the US military blockade of ships sailing through the strait to Iranian ports remained in full force until “our transaction with Iran is 100 per cent complete.”

Trump said that should happen very quickly given that most points were already negotiated.

Among a flurry of posts on Iran, Trump said he received a call from NATO after the Hormuz Strait development, asking if help was needed.

He told them to “stay away, unless they just want to load up their ships with oil.”

Backdoor diplomacy

A Pakistani source involved in mediating between the US and Iran said on Friday there ​was progress in backdoor diplomacy.

They said an upcoming meeting between the two sides could result in the signing of a memorandum of understanding, followed by a comprehensive deal within 60 days.

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

French President Emmanuel Macron and UK Prime Minister Keir Starmer welcomed the announced reopening of the Strait of Hormuz but said it must become permanent.

The two said they will keep planning an international mission to restore maritime security, with a meeting of military planners in London next week.

Prime Minister Anthony Albanese joined a virtual summit of about 50 countries on Friday evening, hosted by France and the United Kingdom.

Speaking after the gathering, Macron said “We all demand the full, immediate and unconditional reopening of the Strait of Hormuz by all parties”.

Israel’s bombing banned: Trump

Donald Trump says the United States has ‌banned Israel from further bombing in Lebanon in a post using a harsher tone than usual with its long-term ally.

“Israel will not be bombing Lebanon any longer. They ‌are PROHIBITED from ‌doing ⁠so by the USA. Enough ​is enough!!!” the US president said in a social media post.

Trump also said any deal the United States reaches with Iran “is in no ⁠way subject ‌to Lebanon” ​but the US will “deal with” the militant ​Hezbollah situation ‌in an appropriate manner.

The US president further ​said the United States will get nuclear material from Iran.

“No money will exchange ​hands ​in any ​way, shape, or form.”

Israeli Prime Minister Benjamin Netanyahu said after the strait reopening announcement that his country still aimed to dismantle Hezbollah despite the ceasefire in Lebanon.

Crushing Hezbollah “will not be achieved tomorrow,” he said in a video message issued by his office.

“It requires sustained effort, patience and endurance, and it requires wise navigation of the diplomatic field,” Netanyahu said.

Netanyahu went on to say that he had agreed to the “temporary ceasefire in Lebanon” at Trump’s request.

The prime minister said Israel has destroyed about 90 per cent of Hezbollah’s stockpile of rockets and missiles but added: “We have not yet completed our task.”

He said Israel would take further measures to eliminate the remaining rockets and drones but did not give further details.

The ​ceasefire between Israel and Lebanon appeared to be largely holding on Friday despite some Lebanese army reports of violations by Israel.

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

—with AAP