After 40 days of relentless warfare that claimed over 5,000 lives, a temporary sense of relief has swept across the Middle East. Just hours before his final military deadline, US President Donald Trump announced a two-week ceasefire with Iran. Following this major development, Tehran has agreed to conditionally reopen the strategic Strait of Hormuz, a critical artery for global oil supplies.

President Trump stated that the suspension of airstrikes on Iran’s civilian and industrial infrastructure is based on a preliminary 10-point peace proposal submitted by Tehran. To finalize a long-term agreement, top officials from Washington and Tehran are set to meet in Islamabad on Friday, April 10, with Pakistani PM Shehbaz Sharif playing a key mediating role. While Iran hails this as a ‘diplomatic victory’ and demands the lifting of all sanctions, the US remains cautious.

Interestingly, while Israel has backed the US-Iran truce, it clarified that its operations against Hezbollah in Lebanon will continue unabated. The announcement has already triggered a sharp decline in global crude oil prices, which fell below $100 to $94.74 per barrel. This ceasefire comes after a devastating six-week conflict that saw the elimination of Iran’s Supreme Leader Ayatollah Ali Khamenei and security chief Ali Larijani in precision US strikes.