President Donald Trump said on March 23 that the Strait of Hormuz would be reopened "very soon" if negotiations between the US and Iran succeed, RIA Novosti reported.

"It will be open very soon, if this works out," Trump told reporters when asked who would control the strait.

He did not specify who should exercise control over the waterway.

The comments came hours after Trump announced a five-day suspension of planned strikes on Iranian power plants, claiming the two sides had held "productive conversations" over the preceding two days.

Iran flatly denied any talks were underway, with a senior security official telling Tasnim that Trump's retreat was forced by credible military threats and bond market pressure, not diplomacy.

Oil prices crashed on the announcement, with Brent crude falling 10.57% to $100.34 per barrel, though prices remain up more than 40% since the war began on February 28.

The Strait of Hormuz has been under effective Iranian control since the first days of the conflict, with tanker traffic down roughly 90%. The IRGC has established a controlled transit corridor near Larak Island, charging up to $2mn per vessel for passage.

Senior Iranian figures including parliament speaker Ghalibaf and Expediency Council member Mokhber have said Iran intends to impose a permanent new regime on the waterway after the war.

The five-day pause expires on March 28.