Iran, Israel and the United States have acceded to Pakistan’s proposal for a two-week ceasefire. President Donald Trump promises to postpone the announced intensification against Iran.
Iran accepted during the night to open the Strait of Hormuz (Hormuzstredet) so long as the ceasefire agreement is respected, but makes it clear that shipping companies must coordinate passage with the Iranian armed forces.
The agreement grants both Iran and Oman the right to demand payment for passage through their waters, according to AP News. Iran’s share of the revenues is to go towards reconstruction.
– On the basis of conversations with Pakistan’s Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, in which they asked me to halt the destructive force that was to be sent to Iran tonight, and on the condition that the Islamic Republic of Iran agrees to a COMPLETE, IMMEDIATE and SECURE OPENING of the Strait of Hormuz (Hormuzstredet), I consent to postpone the bombing and the attack on Iran for a period of two weeks.
Trump published this on Truth Social shortly before 01:00 in the night to Wednesday Norwegian time, and described the agreement as a “bilateral ceasefire”.
Updates
05:00: Benjamin Netanyahu states in a statement that Israel supports Trump’s decision to halt the attacks for two weeks, but that the ceasefire does not include Lebanon. This stands in direct contradiction to what Pakistan’s Prime Minister Shehbaz Sharif said earlier during the night, and which we reported below.
04:52: Donald Trump tells AFP that Iran’s uranium stockpiles will be “perfectly taken care of” during the two-week agreement with Tehran. He also proclaims victory and says that the United States “won a total and complete victory. 100 per cent. No doubt about it.”
03:30: Three teenagers were lightly injured when an Iranian ballistic missile struck the town of Tel Sheva in Israel.
03:13: Israel continues to be attacked by Iranian missiles, and there is astonishment that the parties have not yet agreed on when the ceasefire is to commence officially. Iran has, according to Times of Israel, also attacked Saudi Arabia, the Emirates, Qatar, Kuwait and Bahrain.
02:40: Pakistan’s Prime Minister announced that the ceasefire also applies to the front between Israel and Hizbollah in Lebanon.
02:30: The United States Department of Defense announced that all offensive operations have been concluded.
01:11: Reuters receives confirmation from officials in the White House that Israel has also accepted the terms of the ceasefire.
North Sea oil down 14 per cent
Twenty minutes after an initial announcement from Trump, that he was willing to enter into a ceasefire, the price of American light crude had fallen by around 9 per cent. North Sea oil had become nearly 6 per cent cheaper and was sold for 103.42 dollars per barrel.
After Trump announced the final ceasefire, the North Sea oil price fell further. At the time of writing, Brent crude is trading at 94.64 dollars per barrel, a decline of more than 14 per cent from yesterday’s market close.
Ceasefire via tweet
Elon Musk’s platform X has also played a minor role in the outcome of the negotiations:
Iran’s Minister of Foreign Affairs Abbas Araghchi states in an official statement that a tweet from Pakistan’s Prime Minister Shehbaz Sharif with a “brotherly request” contributed to the decision to accept a ceasefire.
The Iranian Minister of Foreign Affairs Abbas Araghchi’s acceptance of the ceasefire agreement during the night to Wednesday. (Facsimile via Truth Social)
Trump writes in his post that the United States has come “very far along with a final agreement on long-term peace with Iran and peace in the Middle East”.
– We have received a 10-point proposal from Iran, and consider it a workable basis for negotiations. Agreement has been reached on almost all the previous points of contention between the United States and Iran, but a period of two weeks will make it possible to finalise and complete the agreement.
– It is an honour to have come so close to a solution to this long-standing problem, writes Trump.
Two lists of demands in play
Iran states in its announcement that the United States’ 15-point draft for negotiations is also on the table, in addition to their own 10-point list.
NTB reports that the next round of negotiations between Iran and the United States is to be held in Pakistan’s capital Islamabad this coming Friday.
Secretary of Defense Pete Hegseth and General Dan Caine from the Joint Chiefs of Staff have called a press conference on Wednesday morning American time.