The United States and Iran have declared a two-week suspension of hostilities, with Iran allowing safe passage for vessels through the Strait of Hormuz, Al Jazeera reports.
Since the conflict led to the closure of the Strait of Hormuz, oil prices have gone up by 16% in the US and higher around the world.
The Cease Fire Deal
This deal was “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz”, he wrote on Truth Social. Trump said that “a whole civilisation will die tonight, never to be brought back again” if no deal is agreed to by his deadline.
Iran seems to have the feeling that they are victorious since their aggressor is backing down; however, they remain cautious regarding the upcoming discussions scheduled for Friday in Islamabad, Pakistan, saying that these talks do not necessarily conclude the conflict. 
Iran’s Mehr News Agency posted a statement from the secretariat of the Islamic Republic’s Supreme National Security Council stating that the U.S. “has accepted these principles as the basis for negotiations and has surrendered to the will of the Iranian people.”
“If the surrender of the enemy in the field becomes a decisive political achievement in the negotiations, we will celebrate this great historical victory together; otherwise, we will fight side by side in the field until all the demands of the Iranian nation are achieved,” read a translation of the statement.
Israeli Prime Minister Benjamin Netanyahu has expressed support for the US’s ceasefire decision; however, he also stated that Lebanon will not be part of this ceasefire initiative.
In related news, Hezbollah has agreed to the ceasefire despite Israel’s continued assaults on Lebanese territory. Reports indicate that the group has temporarily ceased its attacks on northern Israel and Israeli forces in Lebanon, aligning its actions with the US-Iran agreement. Nonetheless, Israel has persisted with its military operations against southern Lebanon and has issued evacuation orders in anticipation of further strikes.
Aljazeera also reports that French President Emmanuel Macron has praised the US-Iran ceasefire, referring to it as a positive development, but he cautioned about the critical situation in Lebanon and advocated for its inclusion in the ceasefire terms.
The negotiations set to take place in Islamabad will be led by Iranian Parliament Speaker Mohammad Bagher Ghalibaf, with US Vice President JD Vance representing the American side. According to reports from Iran’s ISNA news agency, the negotiating team’s 10-point agenda will address various issues, including its nuclear program, regional security concerns, and sanctions that have been in effect for approximately 45 years.
The impact of the ceasefire is already being clearly seen. Nigeria’s crude oil has reportedly crashed below $95 a barrel, brent crude and WTI are also down by 15%
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