The United States and Iran have agreed to a two-week ceasefire, brokered by Pakistan, temporarily halting a six-week conflict that has claimed thousands of lives, spread across the Middle East, and severely disrupted global energy supplies.
Relief was felt both on the streets and in global financial markets after U.S. President Donald Trump announced the deal late Tuesday—just two hours before a deadline he had set for Iran to reopen the Strait of Hormuz or face severe consequences.
Under the agreement, both sides will suspend all attacks for two weeks, while Tehran has committed to ensuring safe passage for vessels through the strategically vital Strait of Hormuz.
Iran has declared the development a victory but cautioned that upcoming talks in Islamabad, Pakistan, on Friday do not guarantee a permanent end to the war.
Israeli Prime Minister Benjamin Netanyahu has expressed support for the U.S. decision, though he noted that Lebanon will not be part of the temporary ceasefire.
Following the announcement, oil prices dropped, with Brent crude falling to just under $95 per barrel.
