Trump posted the ceasefire announcement on Truth Social. He stated the US would suspend all attacks on Iran for two weeks. This deal requires Iran’s “complete, immediate, and safe opening” of the Strait of Hormuz.
Trump credited Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir for the breakthrough. He then invited all parties to pursue further negotiations. Sharif has called for delegations to meet in Islamabad on April 10.
Iran’s response was characteristically defiant in tone while operationally compliant. The Supreme National Security Council confirmed the ceasefire. They claimed “nearly all war objectives have been achieved” to satisfy domestic audiences. Iranian Foreign Minister Abbas Araghchi added a key condition. He specified that Iran’s armed forces will coordinate all traffic through the Strait of Hormuz. Experts say this introduces significant ambiguity. It remains unclear how freely tanker traffic will actually resume
The conflict began in late February. US and Israeli forces launched coordinated strikes against Iranian nuclear and military infrastructure. Iran responded by threatening shipping in the Strait of Hormuz. This triggered the largest disruption of global crude supplies in history.
In six weeks, the war drove crude oil prices up over 70%. US gasoline prices surged above $4 per gallon. Saudi Arabia and Gulf states shut in roughly 8 to 9 million barrels of daily production. Consequently, energy rationing began across parts of Asia and Europe.
Wall Street and global markets cheered the ceasefire with a massive rally: Dow futures surged 1,000 points, oil prices plunged 15 to 16 percent, and bond yields fell sharply. But the longer-term picture is more complicated. A lasting peace deal will require Iran to verifiably curtail its nuclear program, the US to consider lifting sanctions, and Israel to accept constraints on further military action. Iran has submitted a 10-point negotiating framework that includes demands for US troop withdrawal from regional bases and full compensation for war damages, positions Washington has not accepted.
Congressional Democrats have raised alarms about the legality of Trump’s war conduct. Dozens of lawmakers are now demanding oversight hearings. Meanwhile, Republican legislators have largely remained silent.
The next fourteen days offer a vital diplomatic window. This period is the most consequential since the original Iran nuclear deal. The fate of energy markets, regional stability, and the global economy now hangs in the balance
