Iran07 April, 20261 min read
US and Iran Agree on Two-Week Ceasefire; Strait of Hormuz Reopens Under Conditions
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Oil prices plunged and stocks rose after the two-week U.S.-Iran ceasefire. Strait of Hormuz could reopen to shipping as part of Iran's proposal.
Ceasefire and Reopening
The US and Iran agreed to a two-week ceasefire after 40 days of fighting. Iran's 10-point proposal included allowing shipping to resume through the Strait of Hormuz. The Strait handles about 20% of the world's oil and gas during peacetime.
Iran said safe passage would be possible via coordination with its armed forces. Oil prices plunged more than 15% after the announcement.
Market and Economic Impact
Brent crude fell as much as 18% after the announcement. European natural gas futures dropped up to 20%. The Dow Jones surged more than 1,000 points.
More than 800 vessels remained stranded near the Strait. Analysts warned the energy crisis is far from over.
Regional and Political Uncertainties
Iran's reopening of the Strait requires coordination with its military. The ceasefire's short duration means uncertainty remains high.
Syria reopened its airspace following the ceasefire. Economists cautioned that impacts may persist throughout 2026.