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U.S. President Donald Trump has announced a two-week ceasefire with Iran, less than two hours before his deadline for Iran to reopen the Strait of Hormuz. He had warned Iran earlier that "a whole civilization will die tonight" if his demands were not met.The American president said the deal was subject to Iran's agreement to pause its blockade of oil and gas supplies through the strait, which typically handles about one-fifth of global oil shipments, posting on social media.
"This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East." Donald Trump said Iran had presented a 10-point proposal that was a "workable basis" for negotiations and that he expected an agreement to be "finalised and consummated" during the two-week ceasefire. Iranian Foreign Minister Abbas Araqchi said in a statement Tehran would cease counter-attacks and provide safe passage through the waterway, if attacks against it stop. Pakistan Prime Minister Shehbaz Sharif, who helped mediate the ceasefire, said in a post on X that he had invited Iranian and U.S. delegations to meet in Islamabad on Friday.
Brent crude oil has plummeted 13% to $95 a barrel. Gold prices XAU=climbed more than 2% to $4,812 per ounce. The Aussie dollar has spiked 2% on the ceasefire announcement. New Zealand's central bank kept its policy rate at 2.25% on Wednesday for a second straight meeting, choosing to sit tight as it gauges the economic fallout from the Middle East war - but signalling it is ready to act if inflation pressures intensify. The Reserve Bank of India kept its key policy rate unchanged.
