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US and Iran Agree to Two-Week Ceasefire with Conditions on Strait of Hormuz Reopening
The United States and Iran have agreed to a two-week ceasefire, conditioned on the reopening of the Strait of Hormuz. A senior Iranian official stated the strait could reopen as early as Thursday or Friday if a ceasefire framework is reached ahead of talks in Pakistan. The agreement includes limited access requiring coordination with Iranian military and fees for passage shared with Oman.
Mar 25, 1:38 PM·2m read78 sources
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The United States and Iran announced a two-week ceasefire on Wednesday, with President Donald Trump describing it as a double-sided agreement contingent on Iran reopening the Strait of Hormuz. The strait, a critical chokepoint for global oil shipments, had been blocked in response to recent military actions.
US Vice President JD Vance stated that Iran has agreed to open the strait, noting that the US has achieved its military objectives in Iran.
Trump indicated impatience for progress in negotiations with Iran and described a 10-point proposal from Iran as a workable basis for permanent peace. He added that the US will assist with traffic buildup in the strait, allow Iran to start reconstruction, and provide supplies to ensure smooth operations. The ceasefire suspension of US bombing of Iran lasts two weeks.
A senior Iranian official told Reuters that Iran could open the Strait of Hormuz on Thursday or Friday, ahead of a meeting with the US in Pakistan, if a ceasefire framework is reached.
The reopening would be limited and require coordination with the Iranian military for all vessels. Iran also confirmed the two-week ceasefire, citing technical limitations for the strait's operations. Under the ceasefire terms, Iran and Oman will charge fees for ships passing through the strait, with proceeds split for reconstruction.
Prior to the conflict, passage through the strait was free. Shipowners reported the strait remained largely blocked on Wednesday as they assessed safe transit following the overnight ceasefire announcement.
“— Senior Iranian official, via Reuters (October 16, 2024)”
urged Iran and its proxies to stop attacks and open the Strait of Hormuz. Kuwait reported intercepting 28 Iranian drones since Wednesday morning. Trump stated that any country supplying weapons to Iran will face immediate 50% tariffs. Oil markets reacted to the ceasefire and potential reopening, with Brent front-month futures and six-month calendar spreads slumping to four-week lows.
