Oil prices fall, stock markets rise after US and Iran agree ceasefire and to open Strait of Hormuz
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The US and Iran have agreed to a two-week ceasefire, with the Strait of Hormuz set to reopen, leading to a sharp decline in oil prices. The ceasefire has been welcomed by several countries, including Ireland and Spain, with calls for a lasting and peaceful resolution to the conflict.
A ceasefire has been agreed between the US and Iran, conditional on the reopening of the Strait of Hormuz. Oil prices have fallen sharply, with Brent crude oil declining 14.4% to $93.48. The US and Iran will engage in negotiations, with several countries welcoming the ceasefire. Lebanon's Hizbullah has halted fire on northern Israel, but Israel has continued its strikes on southern Lebanon. The ceasefire has been welcomed by Ireland's Minister for Foreign Affairs Helen McEntee, who called for Lebanon to be included in the agreement. Spain's prime minister Pedro Sánchez also welcomed the ceasefire, but criticized those who 'set the world on fire'.
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