Two-week US-Iran truce reached/Global oil prices immediately fell below 100 USD/barrel
The United States and Iran agreed to a two-week ceasefire just an hour before President Donald Trump's deadline for Iran to capitulate expired. Trump backed away from earlier apocalyptic threats that an "entire civilization will die" if Tehran failed to reach a deal, suspending attacks on Iranian bridges and power plants, a war crime against sites that are primarily for civilian use.
Iran's Supreme National Security Council said it had accepted the ceasefire and would negotiate with the United States in Islamabad starting Friday.
Iran's foreign minister said passage through the Strait of Hormuz would be allowed under Iranian military control. It was not immediately clear whether that meant Iran would completely relinquish its control over the waterway. Neither Iran nor the United States said when the ceasefire would begin, and attacks took place in Israel, Iran and across the Gulf region early Wednesday.
The plan allows both Iran and Oman to impose fees on ships passing through the strait, according to a regional official who spoke on condition of anonymity to discuss negotiations in which they were directly involved. The official said Iran would use the money raised for reconstruction.
In addition to control of the strait, Iran's demands to end the war include the withdrawal of US combat forces from the region, the lifting of sanctions, and the release of frozen Iranian assets.
Oil prices fell more than 17% after the ceasefire announcement. Brent crude futures fell $14.51 to $94.76 a barrel, while West Texas Intermediate crude fell $17.16 to $95.79 a barrel.
Costs at the pump had risen sharply since the war for ordinary Americans, putting huge political pressure on Trump. Stock prices also rose in early trading Wednesday in Asia.
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