As we've been reporting, a UN agency says an estimated 20,000 seafarers on 2,000 ships have been stuck in the strait since the US-Iran war began in February.

The BBC spoke on Sunday to oil tanker captain Ramoon Kapoor, who is one of those trapped - he described witnessing "various attacks, various missiles, explosions" and said the situation had been "pretty tense".

He also said his crew had experienced significant stress and anxiety.

Though they're "very happy" attacks have stopped since the calling of the temporary US-Iran truce, "everyone is counting the days" until they can go home, Kapoor said. He added that people have started packing their stuff so they "don't waste time" if they're suddenly permitted to leave.

Another seafarer - who has since managed to return home - described "total chaos" and "panic" on board his ship after the war broke out.

In his interview with the UN's shipping regulation agency, the International Maritime Organization (IMO), on 24 April, he spoke of "missiles getting intercepted and there were some fireworks in the sky". He added: "It was very stressful, most of the crew on board were not able to sleep".

Until the situation in the strait changes, we're unlikely to see oil prices change drasticallypublished at 10:22 BST

10:22 BST

Nick Marsh
Asia business reporter, in Singapore

There was a time when an announcement like this from Donald Trump would have seen oil prices plummet.

On more than one occasion, traders have got excited at the prospect of tankers moving freely once again through the Strait of Hormuz and world supplies returning to normal.

But more than two months into this war, the response to the president's latest post was basically a shrug. Prices have hardly moved. A barrel of Brent crude is still worth well over $100 (£74) - more than 50% higher than before the war.

The reason is that little has changed on the ground. It's not the first time Trump has suggested using a US naval escort to see ships through the strait. He raised the possibility early on in the conflict, and military experts cast doubts on its feasibility then.

There's little to suggest anything's changed since, meaning there's heavy scepticism as to how exactly "Project Freedom" would work, without a major escalation in the war.

As it stands, the Strait of Hormuz remains under Iranian control and most ships remain afraid to cross it. If and when that changes, we'll see oil prices react accordingly.

Image source, Getty Images

Ships attempting to transit the Strait of Hormuz face "critical" security threats, the UK Maritime Trade Operations Centre warns, due to "ongoing regional military operations".

In an update, issued after Donald Trump's Truth Social post, UKMTO says vessels need to be aware of "the proximity and dangers of any reported mines or threats along intended transit routes".

"Transit via or in close proximity to the Traffic Separation Scheme should be considered extremely hazardous due the presence of mines that have not been fully surveyed and mitigated."

The Traffic Separation Scheme is an international agreement that has designated shipping lanes through the Strait of Hormuz since 1968.

• As a reminder: The US has repeatedly accused Iran of laying mines along the Hormuz strait in a bid to control the shipping through it. When the US announced its blockade of Iranian ports last month, Trump said the US planned to begin destroying these mines.

We're hearing again from Iran about President Trump's announcement that the US military will start guiding stranded ships out of the Hormuz strait from "Monday morning, Middle East time".

Iran's foreign ministry says it is ready to "respond to US threats" in the strait.

In a statement shared by the semi-official Mehr news agency, spokesperson Esmail Baghaie says Iran remains the strait's "guardian and protector". He adds: "Ships and shipping companies well know that ensuring their security requires coordination with the competent authorities of the Islamic Republic of Iran."

Baghaie says there's no reason for countries who follow the rule of law to follow "illegal actions" by the US.

Earlier, the head of Iran's central command said it would attack "any foreign armed force" that tries to approach or enter the strait, "especially, the aggressive US army".

Image source, Reuters

The Strait of Hormuz is a vital shipping lane in the Gulf, through which roughly one-fifth of the world's oil and liquefied natural gas (LNG) typically passes.

It also sees through about one-third of the world's fertiliser trade, as well as vital imports to the Middle East, including food, medicines and technological supplies.

Iran has severely limited traffic through the vital shipping route since the war began in February, while the US has launched its own rival blockade on Iranian ports.

An estimated 20,000 sailors have been trapped in the Gulf since the start of the war with Iran. There has been growing concern over dwindling supplies and the effects on sailors' physical and mental health.

It's not yet clear what US's Hormuz plan will look like - but Iran warns against violating ceasefirepublished at 08:57 BST

08:57 BST

Yolande Knell
Middle East correspondent, in Jerusalem

Reports say that the US initiative - which President Trump calls Project Freedom - does not necessarily involve the US Navy escorting commercial vessels through the Strait of Hormuz, but rather advising them on safe maritime routes and staying close to prevent any Iranian attacks.

US Central Command describes its mission as "giving support" to restore freedom of navigation through the vital waterway, while maintaining America's own blockade of Iranian ports.

The new Iranian statement makes clear the risk of new military confrontations - and a possible escalation endangering the three-week long ceasefire between the US and Israel and Iran - if the US Navy enters the strait.

"We have repeatedly said the security of the Strait of Hormuz is in our hands," the statement says, adding that "the safe passage of vessels needs to be co-ordinated" with Iranian armed forces.

There are currently hundreds of international merchant vessels with some 20,000 crew on board that have been stuck in the area since the start of the Iran war two months ago.

Image source, Reuters

As well as announcing "Project Freedom", Donald Trump also uses his latest Truth Social post to say "very positive discussions" with Iran are taking place, which "could lead to something very positive for all".

Trump's comments follow back and forth about a 14-point plan for peace, drawn up by Iran and sent to the US.

Iranian state media reported on Sunday that Tehran was reviewing a response it had received to the plan from Washington. This was reportedly passed via Pakistan, which has been acting as an intermediary.

It says Iran has asked the US to withdraw its forces from near Iran's borders and end its naval blockade of the country's ports, as well as for all hostilities to cease - including Israel's offensive in Lebanon.

It also says it called for an agreement between the two countries to be reached within 30 days.

The US is yet to formally confirm it has replied to Iran. However, Israel's Kan News says that Trump called the proposal unacceptable during a phone interview.

Twenty-two crew members on board an Iranian container ship that was seized by the US last month have been evacuated to Pakistan, and will be "handed over to the Iranian authorities today", the Pakistani government says.

US forces seized the Touska last month, after firing at its engine room. Iran called it "piracy", while President Trump said the ship "tried to get past our naval blockade, and it did not go well for them".

Pakistan says the repatriation of the crew is "a confidence-building measure by the United States of America".

It adds: "The Iranian ship will also be backloaded to Pakistani territorial waters for return to its original owners after necessary repairs.

"These returns are being coordinated in tandem with the support of both the Iranian and US sides.

"Pakistan welcomes such confidence-building measures and will continue to facilitate dialogue and diplomacy while pursuing ongoing mediation efforts for regional peace and security."

Image source, Getty Images

Iran's military says it will attack US forces if they enter the Strait of Hormuz - after Donald Trump announced an operation to guide ships out of the waterway.

A statement from the head of Iran's central command says that it will attack "any foreign armed force" that tries to approach or enter the strait, "especially, the aggressive US army".

Major General Ali Abdollahi says that Iran has "repeatedly" stated that the strait "is under the control" of the Iranian armed forces, and safe passage through it must be coordinated with it "under all circumstances".

The statement was shared by the Iranian state broadcaster IRIB.

As a reminder, the US military says "guided-missile destroyers, over 100 land and sea-based aircraft, multi-domain unmanned platforms, and 15,000 service members", will support "Project Freedom".

Image source, EPA/Shutterstock

We've also heard an update from US Central Command (Centcom) on how it will support the so-called "Project Freedom".

"US Central Command forces will begin supporting Project Freedom, May 4, to restore freedom of navigation for commercial shipping through the Strait of Hormuz," it says in a statement issued on Sunday.

This support includes 15,000 personnel, guided-missile destroyers and more than 100 aircraft.

Centcom says "a quarter of the world’s oil trade at sea and significant volumes of fuel and fertilizer products are transported through the strait".

"Our support for this defensive mission is essential to regional security and the global economy as we also maintain the naval blockade," adds Adm Brad Cooper, Centcom commander.

Image source, AFP via Getty Images

Donald Trump's announcement comes just days after UN member countries "strongly condemned" Iran's disruption of global shipping at a meeting in London.

The meeting approved a resolution put forward by the International Maritime Organization (IMO) - a specialist UN agency that regulates shipping - stating that Iran had "threaten[ed]" the welfare of seafarers, represented a grave danger to life and posed a serious risk to the marine environment".

But after the vote, the head of the IMO, Arsenio Dominguez, urged the focus to stay on practical help for sailors.

"I would like to express some disappointment in a way in which we are working on these issues," he said.

"I don't see how these discussions and procedures and votes help the 20,000 seafarers that have for nine weeks now have been stranded, and 2,000 ships are stuck."

Image source, Reuters

Here is the full post from Donald Trump, published at 21:35 BST on Sunday (16:35 ET).

Countries from all over the World, almost all of which are not involved in the Middle Eastern dispute going on so visibly, and violently, for all to see, have asked the United States if we could help free up their Ships, which are locked up in the Strait of Hormuz, on something which they have absolutely nothing to do with — They are merely neutral and innocent bystanders!

For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways, so that they can freely and ably get on with their business. Again, these are Ships from areas of the World that are not in any way involved with that which is currently taking place in the Middle East.

I have told my Representatives to inform them that we will use best efforts to get their Ships and Crews safely out of the Strait. In all cases, they said they will not be returning until the area becomes safe for navigation, and everything else.

This process, Project Freedom, will begin Monday morning, Middle East time. I am fully aware that my Representatives are having very positive discussions with the Country of Iran, and that these discussions could lead to something very positive for all. The Ship movement is merely meant to free up people, companies, and Countries that have done absolutely nothing wrong — They are victims of circumstance.

This is a Humanitarian gesture on behalf of the United States, Middle Eastern Countries but, in particular, the Country of Iran. Many of these Ships are running low on food, and everything else necessary for largescale crews to stay on board in a healthy and sanitary manner.

I think it would go a long way in showing Goodwill on behalf of all of those who have been fighting so strenuously over the last number of months. If, in any way, this Humanitarian process is interfered with, that interference will, unfortunately, have to be dealt with forcefully. Thank you for your attention to this matter!

Donald Trump says that the US is going to start guiding stranded vessels out of the Strait of Hormuz from this morning.

"For the good of Iran, the Middle East, and the United States, we have told these Countries that we will guide their Ships safely out of these restricted Waterways," he said in a social media post on Sunday – though he didn’t specify which countries would receive this help.

The strait is a vital Gulf shipping lane for oil and gas tankers, and container ships. It has been effectively blocked for weeks by Iranian attacks, and a subsequent US naval blockade.

The US president has named the operation "Project Freedom", and is warning that any interference with it will "have to be dealt with forcefully".

But a senior Iranian lawmaker, and former commander of Iran’s Islamic Revolutionary Guard Corps, Ebrahim Azizi, says that "any American interference" would be "considered a violation of the ceasefire".

We’ll bring you all the latest developments on this throughout the day.

Image source, Reuters