Oil prices have fallen sharply and stock markets have soared on news of a two-week ceasefire between the US and Iran.
As geopolitical tensions between Iran, the United States, and Israel eased, the price of Brent crude oil dropped 13.28 percent to $94.76 per barrel on Wednesday.
Additionally, US West Texas Intermediate (WTI) fell 14.72 percent to $96.31 per barrel.
Following President Donald Trump’s announcement that the United States will halt planned military action against Iran for two weeks, subject to the restoration of safe passage through the Strait of Hormuz, there were indications of a de-escalation, which led to the decrease in Brent.
Following President Donald Trump’s announcement that the United States will halt planned military action against Iran for two weeks, subject to the restoration of safe passage through the Strait of Hormuz, there were indications of a de-escalation, which led to the decrease in Brent.
READ ALSO: Strait of Hormuz Deal: Iran Agrees to Conditional Reopening if Attacks Are Stopped
He noted that both sides were “very far along” on a possible long-term agreement and stressed that the halt would allow current talks between Washington and Tehran to be concluded.
Iran’s foreign minister, Seyed Abbas Araghchi, said in a statement that Tehran would do the same if hostilities stopped.
“If attacks against Iran are halted, our powerful armed forces will cease their defensive operations,” he said.
Additionally, he stated that, subject to coordination with Iran’s military forces, safe passage through the Strait of Hormuz will be ensured for two weeks.
Araghchi added that the de-escalation came after interactions between Sharif and Munir and that Pakistan’s leadership is attempting to mediate.
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