Iran on Friday declared the Strait of Hormuz completely open to commercial traffic during the ceasefire between Israel and Lebanon.

“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,” Foreign Minister Seyed Abbas Araghchi said in a social media post. However, vessels must transit through a “coordinated route” announced by Iran’s maritime authorities, Araghchi said.

President Donald Trump thanked Iran for opening the strait in a social media post. But Trump said the U.S. naval blockade of Iran’s ports will remain in effect until an agreement is reached with Tehran.

Oil prices plunged more than 11% after the announcement.

Israel and Lebanon agreed Thursday to a 10-day ceasefire starting at 5 p.m. ET that evening. Israel’s military campaign in Lebanon against the militant group Hezbollah, who are close allies of Iran, has been a sticking point in negotiations between Washington and Tehran.

Trump agreed to a two-week ceasefire on April 7 in exchange for Iran completely opening the strait. But Iran’s parliamentary speaker Mohammad Bagher Ghalibaf accused the U.S. of violating the agreement by allowing Israel to continue its campaign in Lebanon.

The strait has remained almost completely closed during the U.S.-Iran ceasefire as the two countries disputed the terms of the agreement. Just a few commercial vessels are transiting the waterway daily.

Negotiations between Vice President JD Vance and Ghalibaf last weekend in Pakistan failed to produce an agreement to permanently end the U.S. war with Iran. Trump said U.S. and Iranian negotiators could meet again this weekend in Pakistan for a second round of talks.