Oil prices plunged on Friday after Iran's foreign minister said the Strait of Hormuz was fully open to commercial traffic for the remainder of the 10-day ceasefire between Israel and Lebanon, and President Trump said Iran had agreed to indefinitely suspend its nuclear program.

Futures on Brent crude (BZ=F), the international pricing benchmark, fell 11% to trade below $89 per barrel, while those on US benchmark West Texas Intermediate (WTI) crude (CL=F) fell by 11.1% to trade at $81. Both products opened the week above $100.

Read more: What an extended war with Iran could mean for gas prices

"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," Iranian foreign minister Abbas Araghchi wrote in a post on X. He added that vessels will be allowed to use the "coordinated route as already announced" by the regime.

Several hours later, President Trump said in an interview with Bloomberg News that Iran has agreed to suspend its nuclear program with no timeline for a restart, and that "most of the main points are finalized" for a deal to end the war.

President Trump added that Iran would not be receiving any frozen funds in return. Axios reported previously that the US is reportedly considering a deal to release $20 billion in frozen Iranian funds in exchange for the regime surrendering its stockpile of enriched uranium.

In comments to Reuters, President Trump said the US would be working with Iran to recover the regime's uranium stockpile, saying, "We're going ​to go in with Iran, ​at a nice leisurely pace, and go down and start excavating ​with big machinery."

Iran has not yet confirmed any of Trump's points about the regime's nuclear program.

No date has yet been set for a second round of talks, Pakistan's foreign minister said Thursday morning. Senior Gulf and European leaders have said in private that they believe a deal could take six months to reach, Bloomberg reported.

The announcement from the Iranian foreign minister Friday morning that the strait would be open comes after Israel and Lebanon agreed to a temporary 10-day ceasefire that began at 5 p.m. ET on Thursday, taking some pressure off one of the key sticking points in negotiations between the US and Iran to end the war in the Middle East.