Araqchi said in a post on X the Strait was open for all commercial vessels for the remainder of the US-brokered 10-day truce between Israeli forces and Iran-backed Hezbollah agreed between Israel and Lebanon.
He said the passage of ships would need to be along the route that Iran's Ports and Maritime Organisation had announced.
US President Donald Trump expressed his thanks for the move in a social media post, saying the strait "is fully open and ready for full passage".
The US-Israeli attack on Iran, which started on February 28, has killed thousands of people and destabilised the Middle East.
The conflict also largely closed the Strait of Hormuz, through which a fifth of the world's oil and liquefied natural gas transits, threatening the worst oil shock in history.
Oil prices fell by about 10 per cent, extending earlier losses, following Araqchi's post.
The International Monetary Fund this week lowered its forecasts for global growth and warned the global economy risked tipping into recession if the conflict was prolonged.
Trump announced the 10-day ceasefire agreement between the governments of Lebanon and Israel on Thursday, adding to optimism that the parallel war between the United States and Iran could be nearing an end.
with AP
