Iran plans to reopen Strait of Hormuz but only 'to those who obey Tehran's new laws'

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The head of the Iranian parliament’s national security committee also said that American vessels would not be allowed to pass.

The Iranian committee has signed off proposals to charge tolls to pass through the strait. It will cost ships around £1.5m to pass through.

Ebrahim Azizi, the head of the Iranian parliament’s national security committee, posted on social media: “Trump has finally achieved his dream of ‘regime change’ – but in the region’s maritime regime!

“The Strait of Hormuz will certainly reopen, but not for you; it will be open for those who comply with the new laws of Iran. The 47 years of hospitality are over forever.”

The cost of crude oil eased back this morning and financial markets rallied higher after Trump gave hope of an end to the conflict.

Brent crude fell back below 100 US dollars a barrel, down 2% at 99.89 dollars in morning trading on Wednesday, with US President Donald Trump suggesting the war could be over within two weeks, despite bringing thousands of troops to the region.

UK natural gas prices were also 4% lower.

Stock markets in the UK and globally rebounded on optimism over a ceasefire, with the FTSE 100 Index soaring as much as 1.7%, up 175.76 points to 10352.21 in the first hour, and even bigger gains across Europe as the Dax in Germany and France’s Cac 40 jumped more than 2%.

Iran has said it is prepared for six months of war.

Abbas Araghchi, Iran’s foreign minister, said: “We do not set any deadlines for defending ourselves. We will defend our country and our people as far as necessary and by any means required.”

Trump has claimed the US will “leave” Iran in "two or three weeks."

Speaking from the Oval Office on Tuesday night, the US President said he is "finishing the job” in Iran after already wiping out the regime’s nuclear capabilities over the last five weeks.

The US has targeted various nuclear-related sites in Iran over the course of the conflict, with the most recent attack on Iran's Khondab facility causing "severe damage" and taking the site offline, the United Nations' nuclear watchdog confirmed this week.

Mr Trump said it will take the US a few more weeks before "every single thing" Iran has is knocked out, at which point he will withdraw.

That will be "within maybe two weeks", but it may take "a couple days longer to do the job", he said, describing this as his “one goal” in the conflict.

Read more: Boost for millions of Brits as Starmer announces measures to ease cost of living amid Iran war

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He added that regime change in Iran has already been achieved and claimed that a new batch of Iranian leaders are "much less radicalised" and more "rational".

It comes after key figures from the Islamic Republic's ruling regime were killed, including the country's former supreme leader, Ayatollah Ali Khamenei.

While Iran may be offered a deal, which Mr Trump claims it is “begging for”, he said "it doesn't matter" if they "come to the table".

"They're not putting up a fight. They're not even shooting at us," he said.

He added that "their equipment's been totally decimated" and there's "nothing to shoot" as Iran's naval and military capabilities have been battered by the US.

"They're losing. They admit they're losing. They're begging to make a deal," he said.

Iran has previously denied any direct talks and has rejected claims it wants to strike a deal.

On Monday, the US President warned Iran’s energy infrastructure would be completely destroyed if they fail to agree to his proposals.

Mr Trump previously said he wanted to "take the oil in Iran" and hinted at seizing Kharg Island - which is crucial to the country’s oil production.

On Tuesday night, Mr Trump was asked about gas prices as energy costs continue to surge following the outbreak of the war and Iran’s blockade of the Strait of Hormuz, a vital shipping route.

"All I have to do is to leave Iran and we will be doing that very soon," Mr Trump told reporters.

He added that if France or another nation requires oil, they can go up the Strait of Hormuz and "fend for themselves”, adding that this is not the US’s problem.

This comes as the US’s relations with its European allies sour over its reluctance to get involved in the war.

Lashing out at the UK on Tuesday, Mr Trump said the UK should secure the Strait of Hormuz itself, insisting “the USA won’t be there to help you anymore, just like you weren’t there for us”.

Echoing the President's comments, Secretary of War Pete Hegseth was also seen to hit out at the UK during a press conference on Tuesday, insisting the Strait of Hormuz was not just the responsibility of the US, adding "there’s supposed to be a big bad Royal Navy".

It is the latest sign that his Middle East campaign has severely damaged the long-standing 'special relationship' between the two nations.

Sir Keir Starmer met with fuel industry bosses at Downing Street on Monday and held a Cobra meeting on Tuesday in response to the escalating situation in the Middle East.The conflict is pushing up mortgage rates, fuel prices and energy bills, and is likely to impact the cost of food soon.

On Tuesday night, the Prime Minister announced he will lift the minimum wage and slash energy bills by an average of £117 a year in a bid to ease cost-of-living worries caused by the war.

"In an uncertain and volatile world, it is my Government’s duty to protect the British people at home and abroad.

"I know the public are concerned about the conflict in Iran and what it means for them and their families. I want to reassure them that they have a Government on their side, working with allies on de-escalation and bearing down on the cost of living,” the Prime Minister said.