US and Iran Agree to Two-Week Ceasefire, Strait of Hormuz Reopens After Pakistan-Brokered Deal
In a significant diplomatic breakthrough, a two-week ceasefire has been established between the United States and Iran, with President Donald Trump hailing it as a "big day for world peace." The agreement, facilitated by Pakistan, has led to the reopening of the Strait of Hormuz to international vessels, ending recent hostilities in the region.
Trump Announces Ceasefire on Truth Social Just Before Deadline
President Trump confirmed the ceasefire in a post on Truth Social, stating, "I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided CEASEFIRE!" The deal was reached just over an hour before his 8pm ET deadline, averting what he had warned could lead to the demise of "a whole civilisation." Iran's state broadcasters outlined a 10-point plan for the conditional ceasefire, which includes demands for a "complete and permanent cessation of the war on Iran with no time limit" and "full payment of compensation and reconstruction costs to Iran."
Pakistan to Host Peace Talks as Israel Continues Strikes in Lebanon
Pakistani Prime Minister Shehbaz Sharif has offered to host peace talks between the US and Iran, with discussions scheduled to begin on Friday in Islamabad. Following the ceasefire, Israel has agreed to halt attacks on Iran but says it will continue to strike Lebanon, claiming it was excluded from the agreement. The Israel Defence Force has stated it will persist with targeted ground operations against Hezbollah in Lebanon, with Israeli air strikes reportedly pounding the southern Lebanese city of Tyre.
Global Markets React Positively to Ceasefire News
The ceasefire has triggered a fall in oil prices, which tumbled following the declaration, though markets remain above pre-war levels. Stock markets have responded favorably, with the UK FTSE 100 up 2.75% today. This follows rises in South Korean and Japanese markets, both heavily reliant on oil imports from the region.
Keir Starmer Pledges UK Support for Ceasefire and Diplomatic Efforts
Ahead of a visit to the Gulf, UK Prime Minister Keir Starmer emphasized Britain's commitment to supporting the ceasefire. He said, "I welcome the ceasefire agreement reached overnight, which will bring a moment of relief to the region and the world. Together with our partners, we must do all we can to support and sustain this ceasefire, turn it into a lasting agreement and reopen the Strait of Hormuz." Downing Street confirmed that Starmer will meet with leaders from affected countries to declare UK support and discuss ensuring the permanent reopening of the Strait of Hormuz, with the UK taking a leading role in diplomatic efforts.
