Trump says a blockade of Iranian ports will stay in place.

Iran had declared the Strait of Hormuz open on Friday.

But Iranian state media say the key energy chokepoint has closed again because the U.S. “did not fulfill their obligations.”

President Donald Trump sounded optimistic about the progress of peace talks with Iran and noted negotiations are continuing as a fragile ceasefire held, but Iranian media mentioned on Saturday that the key Strait of Hormuz was closed to shipping traffic again after the U.S. failed to meet its obligations.

“We had some pretty favorable news 20 minutes ago, but it seems to be going very well in the Middle East with Iran,” Trump told reporters traveling to Washington on Air Force One, according to MS Now. “We’ll know over a little period of time. We’re negotiating over the weekend.”

A major sticking point in the negotiations has been the issue of recovering material from Iran’s nuclear program. Trump noted the U.S. will “go in with Iran and we will take it together, and we will bring it back, 100% of it back to the United States”.

“We’ll take it after the agreement is signed,” he mentioned.

Peace talks in the Pakistani capital Islamabad between a U.S. delegation led by Vice President JD Vance and Iranian negotiators headed by parliamentary speaker Mohammad Bagher Ghalibaf failed to reach an agreement last weekend.

Trump added that he likely would not extend the two-week ceasefire that’s due to end on Wednesday and stated that a blockade of Iranian ports would remain in place. U.S. and Israeli forces began an aerial campaign against Iranian targets on Feb. 28.

“Maybe I won’t extend it, but the blockade is going to remain. But maybe I won’t extend it, so you have a blockade, and unfortunately, we’ll have to start dropping bombs again,” Trump mentioned.

Confusion over Hormuz

Earlier on Friday, Iran declared the Strait of Hormuz is open to commercial ships during a separate ceasefire between Israel and Lebanon, but confusion quickly emerged about whether the sea lane was really open without conditions.

Iranian state media commented on Saturday that the Strait has since closed because of a failure by the U.S. to hold up its end of the bargain.

“Iran agreed to allow a limited number of ships to pass through the Strait of Hormuz according to agreements,” the Islamic Republic of Iran Broadcasting (IRIB) service remarked in a post on X.

“But U.S. did not fulfill their obligations. So, the Strait of Hormuz is now closed again and passage requires IRAN approval,” IRIB noted.

On Friday, Iranian Foreign Minister Seyed Abbas Araghchi stated on social media: “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.”

vessels must transit through a “coordinated route” revealed by Iran’s maritime authorities, Araghchi noted. It is unclear whether Tehran will force ships to pay a toll to pass the strait.

Israel and Lebanon agreed Thursday to, on the other hand 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 another sticking point in negotiations between Washington and Tehran.

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

Trump also noted Friday that Iran “has just declared that the Strait of Hormuz is fully open and ready for business and full passage,” even as the U.S. blockade remains in “full force.”

“This will be a great and brilliant day for the world,” Trump remarked during a speech at a Turning Point USA event in Phoenix.

Ghalibaf, quickly disputed Trump’s claim that Tehran had cleared the strait for transit.

“With the continuation of the blockade, the Strait of Hormuz will not remain open,” Ghalibaf wrote in a translated X post.

Indeed, video footage from ship tracking firm Kpler shows a number of tankers and cargo ships did try to exit the waterway on Friday, but turned back.

“They’ve clearly not been given approval to pass through,” Matt Smith, director of commodity research at Kpler, told CNBC.

Iranian media affiliated with the Revolutionary Guard described a limited reopening of the strait. Commercial ships must coordinate with Iranian forces, a source close to Iran’s Supreme National Security Council told Tasnim News.

Ships are not allowed to pass if they or their cargoes are linked to hostile nations, according to the Tasnim report. The strait will be closed if the U.S. naval blockade continues, according to the report.

Oil prices plunged more than 10% on Friday to below $90 per barrel. About a fifth of the world’s crude supplies passed through the strait before the war. The closure of the sea lane, which connects the Persian Gulf to global energy markets, has triggered the biggest oil supply disruption in history. Furthermore, experts in portfolio note the continued relevance.

Trump agreed to the two-week ceasefire on April 7 in exchange for Iran completely opening the strait. But Ghalibaf accused the U.S. of violating the agreement by allowing Israel to continue its campaign in Lebanon. This also touches on aspects of bull market.