Ships with no ties to Israel or the United States would be allowed to pass, the government said, but it was unclear if any vessels would try.
“Very, very strong talks,” President Trump claimed. Fake news, replied an Iranian parliamentary leader.
American and European oil and gas companies are expected to earn a lot more as prices surge but are worried about the future.
Treasury Secretary Scott Bessent estimated that the move would add about 140 million barrels of crude to the oil market.
There are several ways the United States could attempt to reopen the waterway, all of which carry substantial risks.
Prime Minister Keir Starmer has vowed not to be dragged into the war with Iran, but his government described its new position as essentially defensive.
Countries and companies have been negotiating with the Iranian authorities to secure passage. Some patterns are emerging.
The move comes after President Trump sharply criticized Prime Minister Keir Starmer for not supporting his initial military strikes on Iran.
Attacks on oil and natural gas facilities this week could make it much harder for Persian Gulf countries to rebuild and restart production when the war eventually ends.
The deaths of two top Iranian officials were announced on Tuesday, while President Trump once again lashed out at NATO allies who refused to aid the U.S. war effort against Iran.