TEHRAN, April 20 -- Iran's foreign minister said the Strait of Hormuz was open for all commercial vessels for the remainder of the US-brokered 10-day ceasefire between Israel and Iran-backed Hezbollah, prompting a sharp fall in the price of oil.

A ‌senior Iranian official said all vessels, except for naval ships, would be able to sail through the strait but their plans needed to be coordinated with Iran's Revolutionary Guards and ships transiting would be restricted to lanes Iran deemed safe.

The US-Israeli war with Iran, which began on February 28, has killed thousands of people, destabilised the Middle East and rocked global energy markets by effectively closing the strait.

Below are details on the strait and its ‌importa...