WED APRIL 08 2026-theGBJournal| Crude prices have plunged as the United States and Iran agreed on Tuesday to a conditional two-week ceasefire, marking a dramatic pause in weeks of escalating hostilities that had pushed the region to the brink of a wider war.
The UN Secretary-General Antonio Guterres welcomed the announcement of a two-week ceasefire by the US and Iran, his spokesperson, Stephane Dujarric said on Tuesday.
The truce, announced just hours before a looming U.S. military deadline, is expected to temporarily halt strikes and create space for renewed diplomatic engagement.
President J. Trump posted the latest development on his Truth handle suggesting the ceasefire is based on the conversation with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, ”wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to COMPLETE, immediate, and SAFE Opening of the Straight of Hormuz, I agree to suspend the bombing and attack of Oran for a period of two weeks.”
Brent and WTI crude have fallen 15% so far while global socks responded positively to the news, with projections that that they may drop below $80 per barrel by the end of the month.
Israeli Prime Minister Benjamin Netanyahu on Tuesday said Israel supports President Donald Trump’s decision to suspend strikes against Iran for two weeks, provided Tehran immediately reopens the Strait of Hormuz and halts attacks on the US, Israel, and other countries in the region.
“Israel also supports the US effort to ensure that Iran no longer poses a nuclear, missile and terror threat to America, Israel, Iran’s Arab neighbors and the world,” Prime Minister Netanyahu office said in a statement,” he said.
Netanyahu noted also that the United States has told Israel that it is committed to achieving these goals, shares by the US, Israel and Israel’s regional allies, in the upcoming negotiations,” the statement added.
Both Iran and US are claiming are claiming victory after the ceasefire deal.
President Trump told the AFP the deal is a ”total and complete victory” for the US, while the Iranian Supreme National Security Council declared ”the enemy has suffered an undeniable, historic and crushing defeat in its cowardly, illegal and criminal war.”
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