President Donald Trump has proposed a two-week ceasefire with Iran, conditional on the full reopening of the Strait of Hormuz.
Following discussions with Pakistan’s leadership, who acted as an intermediary for the two countries, Trump said: “I agree to suspend the bombing and attack of Iran for a period of two weeks.
“This will be a double sided CEASEFIRE!” he wrote on his social media platform, Truth Social.
He added the pause would be “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz”.
The announcement follows the president’s warnings yesterday that Iran had until ‘Tuesday 8 pm Eastern time’ (Wednesday 1 am BST) to open the Strait, or face strikes on the country’s power plants, bridges and trains.
Energy markets have reacted quickly to the news of the potential reopening of the key shipping lane, with Brent crude falling 5.8 per cent to $103.42 a barrel and US-traded oil down nearly 8.5 per cent to $103.25, although prices remain significantly above pre-conflict levels seen before 28 February.
Posting on Truth Social, Trump described the development as a “big day for World Peace!”, adding: “Iran wants it to happen, they’ve had enough! Likewise, so has everyone else!”
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He also said the US would assist with congestion in the Strait, stating: “There will be lots of positive action! Big money will be made. Iran can start the reconstruction process. We’ll be loading up with supplies of all kinds, and just ‘hangin’ around’ in order to make sure that everything goes well.
“I feel confident that it will. Just like we are experiencing in the U.S., this could be the Golden Age of the Middle East!”
Meanwhile, Keir Starmer said the UK would support efforts to maintain the ceasefire and stabilise the region.
The prime minister, who is set to travel to Gulf to meet leaders from countries on the frontline, said the UK will “do all we can to support and sustain this ceasefire”.
“I welcome the ceasefire agreement reached overnight, which will bring a moment of relief to the region and the world,” he said.
“Together with our partners we must do all we can to support and sustain this ceasefire, turn it into a lasting agreement and re-open the Strait of Hormuz.”
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