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U.S. and Iran Agree to Ceasefire, Suspending Attacks Amid Strait of Hormuz Deadline
President Donald Trump announced an agreement with Iran to suspend planned U.S. attacks on Iranian infrastructure for two weeks. The deal follows threats to destroy Iran's civilization if the Strait of Hormuz was not reopened by an 8 p.m. ET deadline. Oil prices fell more than 9% in response, while Asia-Pacific markets prepared to open higher.
Apr 7, 7:46 PM·1m read9 sources
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President Donald Trump stated that the United States and Iran have agreed to a ceasefire, suspending planned attacks on Iranian infrastructure for two weeks. m. ET. The Strait has been nearly closed since the start of the conflict, causing a significant disruption to global oil supplies.
Oil prices dropped more than 9% following the announcement. The plunge reflects reduced fears of further escalation in the region. Global energy prices had previously soared due to the supply shock from the Strait's partial closure.
Asia-Pacific markets were set to open higher in reaction to the ceasefire news. Earlier reports indicated fading hopes for an agreement ahead of the deadline, contributing to cautious sentiment in European markets. Crude oil prices had been elevated heading into the deadline.
Trump warned that Iran's whole civilization would die if no deal was struck by the deadline.
He stated, "A whole civilization will die tonight, never to be brought back again. " These threats prompted calls for Trump's impeachment or removal from office. U.S. offensive rhetoric against Iran as grounds for such actions.
The statements were made on the eve of the deadline, with live updates tracking developments. >"A whole civilization will die tonight, never to be brought back again.
The conflict has led to a historic oil supply shock, with the near closure of the Strait of Hormuz disrupting maritime trade routes.
This has sent global energy prices soaring prior to the agreement. The two-week suspension provides a temporary pause in hostilities. -Iran agreement on the horizon. Market watchers noted risk-averse positioning in equities amid uncertainty over the deadline.
