Iran confirms ceasefire and declares victory as oil plunges
Make us a preferred source
Make us a preferred source on Google
More news: Iran’s Supreme National Security Council has confirmed the ceasefire in a statement published by Iran’s state-run Mehr News Agency, calling it “a victory for Iran” and saying the deal was approved by new Supreme Leader Ayatollah Mojtaba Khamenei, Al Jazeera reported.
Israel also reportedly agreed to the ceasefire, CNN reported citing an unnamed White House official, though there was no immediate official confirmation from either government.
China reportedly intervened at the last minute to ask Iran to show flexibility and defuse tensions, proving pivotal in securing Tehran’s acceptance of Pakistan’s ceasefire proposal, The New York Times reported citing three unnamed Iranian officials.
What they said: “We congratulate the people of Iran for this victory,” Iran’s National Security Council said in a statement carried by Mehr, claiming the US had accepted all of Iran’s 10-point peace plan including guarantees not to attack Iran and Iran’s control over the Strait of Hormuz.
Trump had written on Truth Social that “almost all of the various points of past contention have been agreed to” and that “a two week period will allow the agreement to be finalized and consummated.”
The numbers: Oil prices fell sharply following Trump’s ceasefire announcement.
WTI crude dropped more than 12% to around USD100.90 a barrel, while Brent fell about 5% to USD103.42. S&P 500 futures rose 1.5%.
Trump suspends Iran strikes for two weeks; Iran yet to confirm Hormuz reopening
The news: US President Donald Trump has announced a two-week suspension of US military strikes on Iran, contingent on Iran immediately and fully reopening the Strait of Hormuz, saying in a social media post that both sides are close to a long-term peace agreement.
The context: Trump had set an 8pm Tuesday ET (10am Wednesday AEST) deadline for Iran to reopen the strait or face strikes on civilian infrastructure.
Trump’s Truth Social post came after Pakistan’s prime minister Shehbaz Sharif and army chief Field Marshal Asim Munir, who have been mediating between Washington and Tehran, asked Trump to extend the deadline, he said.
The US president said Iran had submitted a 10-point proposal, describing it as a workable basis for negotiation.
Iran is yet to confirm it will reopen the Strait of Hormuz. Meanwhile, the US has repeatedly struck Iran’s Kharg Island oil hub and Israel has targeted bridges and railways across the country over the past 24 hours.
What they said: "Subject to the Islamic Republic of Iran agreeing to the complete, immediate, and safe opening of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote.
“Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the agreement to be finalised and consummated.”
The sources: Donald Trump’s post, Al Jazeera, Bloomberg, The Financial Times , The New York Times
