The US and Iran agreed a two-week ceasefire that would open the Strait of Hormuz shortly before Donald Trump’s deadline for Tehran to meet his demands or face strikes that he said would kill “a whole civilization”.
Oil prices fell sharply after Trump said Washington would halt its attacks as part of a “double-sided CEASEFIRE!” if Iran allowed shipping to resume through the critical waterway.
Iran’s foreign minister Abbas Araghchi confirmed Tehran would allow two weeks of “safe passage” in the strait through which a fifth of the world’s oil transits while the US and Iran began negotiations on a more permanent agreement.
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