Iran said it has opened the Strait of Hormuz and President Trump said the regime is very close to making a deal. He told CBS News' Weijia Jiang that Iran had agreed to virtually everything the U.S. pushed for when the war started.

US President Donald Trump welcomed Tehran's announcement but said the US naval blockade would continue until a peace deal was reached.

U.S. President Donald Trump and Iran’s foreign minister said Friday that the Strait of Hormuz is fully open to commercial vessels. Iran’s top diplomat Abbas Araghchi said the strategic waterway “is declared completely open,

Oil prices dropped over 10% after Iran's foreign minister announces the Strait of Hormuz is open to commercial traffic for the Israel-Lebanon ceasefire.

Iran announced that the Strait of Hormuz is completely open for commercial ships for the remainder of the ceasefire. President Donald Trump also confirmed the news. NBC News' Matt Bradley reports on what this could mean for the future as peace talks with Iran could continue.

Iran swiftly reversed course on reopening the Strait of Hormuz, reimposing restrictions on the critical waterway on Saturday after the U.S. said it would not end its blockade of Iran-linked shipping.

Iran announced Friday morning that the Strait of Hormuz is open for maritime traffic, and mid-afternoon data showed that commercial vessels were passing through the strategic waterway, though only a small number.

The outlines of an agreement began to emerge that would provide Iran with a major strategic victory — and a potential financial windfall — allowing the Islamic Republic to leverage its control over the Strait of Hormuz to exact significant concessions from the United States and its ally Israel as Trump presses for a swift end to the conflict.