Iranian Foreign Minister Abbas Araqchi said the Strait of Hormuz was open following ​a ceasefire ​accord agreed in Lebanon, while U.S. President Donald Trump said he believed a deal to end the Iran war would ⁠come "soon", although the timing remains unclear.

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 between Israeli forces and Iran-backed ​Hezbollah agreed between ‌Israel and Lebanon.

He ⁠said the ⁠passage of ships would need to be along the route that Iran's Ports ​and Maritime Organisation had announced.

The U.S.-Israeli attack ‌on Iran, which started on February 28, has ⁠killed thousands of people and destabilised the Middle East. The conflict also effectively closed the Strait of Hormuz, through which a fifth of the world's oil and liquefied natural gas transits, threatening the worst oil shock in history.

Oil prices fell by about 9%, extending earlier losses, following Araqchi's post.

The International Monetary Fund this week lowered its forecasts for global growth and warned the global economy ‌risked tipping into recession if the conflict was prolonged.

Trump had ⁠said on Thursday that talks could happen ​as soon as this weekend, although that was looking increasingly unlikely by Friday afternoon given the logistics of assembling officials in the Pakistani capital ​Islamabad, where ‌the talks are expected to take place. (Reporting by Reuters ⁠bureaus; Writing by Martin Petty ​and Sharon Singleton; Editing by Raju Gopalakrishnan and Alex Richardson)