US and Iran Agree to Two-Week Ceasefire Conditional on Strait of Hormuz Reopening

Hapag-Lloyd, a German shipping line, estimates that around 1,000 merchant ships remain stuck in the Persian Gulf, including six of its own vessels.

The firm anticipates it will take at least six weeks to restore a fully normal network, even with some vessels exiting soon. The conflict has cost Hapag-Lloyd approximately $55 million per week in losses. Iranian Foreign Minister Abbas Araghchi indicated that safe passage will be possible during the two-week period through coordination with Iran's Armed Forces, subject to technical limitations.

Both Iran and Oman plan to impose transit fees on vessels, a change from the strait's previous toll-free status. Exact fee amounts and procedures remain unconfirmed. Other operators, including Japan's NYK Line, are monitoring the situation closely.

Hundreds of vessels have idled for weeks, incurring lost revenue, higher insurance premiums, and demurrage charges. Limited flows during the ceasefire could enable some ships to exit the Gulf and mitigate accumulated losses.

The ceasefire's application to Lebanon remains unclear.

Israel has not publicly confirmed extension to its operations in southern Lebanon against Hezbollah, an Iranian ally. Pakistan's Prime Minister Shehbaz Sharif announced that the deal includes Lebanon and other areas, effective immediately. Over 1,000,000 people in Lebanon have been displaced, and more than 1,500 have been killed, according to Lebanon's Ministry of Health.

Sharif invited delegations from the US, Iran, and allies to Islamabad on Friday, April 10, 2026, for further negotiations toward a conclusive agreement.

leaders have welcomed the ceasefire as a step toward de-escalation.

They have called for the reopening of the Strait of Hormuz and a permanent end to hostilities, including in Lebanon. The agreement marks a temporary halt but leaves broader resolution to upcoming talks.