Abbas Araghchi said that the key oil artery would be “completely open” for the remaining period of the ceasefire in Lebanon, which expires on April 26.

In response, Donald Trump thanked the Islamic Republic, but insisted the US navy blockade of ships entering or leaving Iranian ports would remain in place.

“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,” he said, referring to a likely peace deal.

“This process should go very quickly in that most of the points are already negotiated,” he added.

One report suggested that in-person talks could resume in Pakistan as soon as Sunday.

Mr Araghchi said that ships must take the route outlined by Iran, suggesting they may still have to pay for safe passage, in what has been called the “Tehran tollbooth”.

He said the decision was made following Israel’s ceasefire with Lebanon, a key stumbling block in negotiations for a permanent peace deal.

Crude oil dropped to $89 per barrel in the minutes after the announcement, as markets responded positively to the news.