Iran has reopened the Strait of Hormuz to all commercial vessels, ending a seven-week disruption that has upended economies and societies across the globe, the country's foreign minister said on Friday.

The announcement immediately triggered a tumble in global oil prices which had spiked as demand outstripped supply across the globe.

Tehran's announcement comes after Israel and Lebanon announced a 10-day ceasefire in a conflict where more than 2, 000 people in Lebanon, and 15 Israelis have been killed since late February.

According to Iran's Foreign Minister Abbas Araghchi, the reopening of the Strait of Hormuz is contingent on the Israel-Lebanon ceasefire.