Oil prices had already been falling on hopes of a negotiated end to the conflict, and the drop accelerated on Friday, with stocks heading upwards as traders drank in the optimism.

Iranian Foreign Minister Abbas Araqchi yesterday said the Strait of Hormuz was open following a ceasefire agreed on in Lebanon, while US President Donald Trump said he believed a deal to end the Iran war would come “soon”, though the timing remained unclear.

No money will exchange hands in any way, shape, or form, he says

Iran, with the help of the US, has removed, or is removing, all sea mines, he says

'Enough is enough!!!' — Trump in social media post

Energy prices retreat sharply from March highs

Trump welcomes Iranian announcement

Two sanctioned Iranian container ships exited the Gulf via the strait earlier this week

Ministers from the four countries held two meetings in March

If the Lebanon ceasefire clears the way for a broader peace deal with ​Iran, it would be a significant win for the Trump administration

Only 36% of voters approve of how Trump was handling the situation with Iran, poll shows

Speaking to reporters at the White House, Trump added that Tehran had agreed to hand over its store of enriched uranium, as the two countries mull further talks in Islamabad

Informed US Secretary of State Marco Rubio about his refusal

The United States will blockade Iranian ports for "as long as it takes," US Defense Secretary Pete Hegseth said Thursday, threatening renewed strikes if Tehran does not make a deal

Remarks follow Trump’s warning of 'civilization dying' in Iran

Washington has reportedly sought a 20-year suspension of Iran's uranium enrichment program while Tehran has proposed suspending nuclear activity for five years -- an offer US officials rejected.

The channel was suspended on March 27, he added.

The United States alleges that the Shamkhani network, which operates in Iran and the United Arab Emirates, dodges sanctions through a group of seemingly legitimate consulting and shipping companies that run the network's fleet.

Iran arrested four suspected Israeli spies, state media reported on Thursday

Diplomatic efforts to end the US-Israel war on Iran gathered pace yesterday, as Pakistan’s army chief arrived in Tehran for mediation and US President Donald Trump announced that the conflict was “close to over”.