- Oil prices plummeted and Asian markets surged after the US and Iran agreed to a two-week ceasefire, including South Korea’s Kospi, which rose about 5.8 per cent and Japan’s Nikkei 225 climbed roughly 5 per cent.
- The agreement is contingent on Iran reopening the Strait of Hormuz, a crucial shipping lane.
- The US president announced he would delay threatened attacks on Iran, provided the Strait of Hormuz is fully and safely reopened.
- Iran's foreign minister confirmed their armed forces would cease defensive operations but warned that their “hands remain upon the trigger”. The Iranian foreign minister Seyed Abbas Araghchi announced, on behalf of the Supreme National Security Council, that his country’s armed forces would “cease their defensive operations”.
- Analysts describe the market reaction as cautious optimism, awaiting further progress in negotiations and actual easing of traffic through the Strait.
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