US-Iran Agree Two-Week Ceasefire, Strait of Hormuz Reopens
Key Takeaways
- The United States and Iran agreed to a two-week ceasefire.
- Strait of Hormuz reopened for safe passage during the ceasefire.
- Iran proposed a ten-point plan to end the war.
Ceasefire Deal Announced
The US and Iran agreed to a conditional two-week ceasefire.
Trump announced he would suspend attacks subject to Iran reopening the Strait of Hormuz.
Iranian Foreign Minister Araghchi confirmed safe passage through the strait.
The ceasefire came less than two hours before Trump's deadline.
Markets Rally
Brent crude fell about 13-16% to around $94-$95 a barrel.
Asian stock indexes rallied: Japan's Nikkei gained 4.8-5%.
The reopening of the strait came after nearly six weeks of disruption.
Mixed Signals and Risks
Neither side said exactly when hostilities would stop.
Strikes continued in Israel, Iran and across the Gulf as the news filtered through markets.
Questions remained about how the strait reopening would be managed beyond two weeks.
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