Tehran declared theStrait of Hormuzopen to commercial shipping on Friday, as a ceasefire came into effect in Lebanon, raising hopes that two of the main obstacles to a US-Iran peace deal could have been cleared.

In Lebanon, displaced families packed their belongings onto the roofs of their cars and thronged the roads, taking the chance of a 10-day truce to return to homes in bomb-damaged south Beirut or the war-torn south of the country.

After the start of the truce in Lebanon, where Israel has been fighting Tehran’s ally Hezbollah, Foreign Minister Abbas Araghchi said Iran would lift its blockade on shipping through the key Gulf energy trade route.

“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Araghchi said.

Military vessels are still banned from the waterway, a senior Iranian military official told state media.

President Donald Trump immediately welcomed Iran’s announcement, saying “THANK YOU!” in a post on his social media platform, but also went on to warn that the US blockade of Iran’s ports would continue.

“The naval blockade will remain in full force and effect as it pertains to Iran, only, until such time as our transaction with Iran is 100% complete,” Trump said, referring to ongoing diplomatic efforts to secure a negotiated peace.

Oil prices had already been falling amid hopes of a negotiated end to the conflict, in which both Iran and the United States have sought to control shipping out of the Gulf, and the drop accelerated sharply after Iran’s announcement.

Separately, the Israeli military said it was lifting wartime restrictions, allowing civilian movement and economic activity to return to normal, although Prime Minister Benjamin Netanyahu warned that the campaign against Hezbollah was not over.

“We have not yet finished the job. There are things we plan to do to address the remaining rocket threat and the drone threat,” Netanyahu said in a recorded address, saying a key objective was the “dismantling of Hezbollah”.

Source: Insider Paper