Former U.S. President Donald Trump says a temporary ceasefire between the United States and Iran could be on the table, following discussions with Pakistan’s leadership.
Trump announced he is prepared to suspend bombing and military attacks on Iran for a period of two weeks. However, he says the move is conditional on Iran agreeing to the complete, immediate and safe reopening of the Strait of Hormuz to international traffic.
He described the proposal as a “double-sided ceasefire,” dependent on Iran’s response.
Meanwhile, oil prices fell sharply on Wednesday amid plans for a conditional ceasefire between the United States and Iran.
Brent crude dropped by nearly 15 percent to 94 dollars per barrel, down from recent highs of almost 120 dollars during heightened tensions involving Donald Trump.
Market volatility was also driven by Iran’s closure of the Strait of Hormuz, a key global shipping lane.
Despite the decline, oil prices remain about 30 percent higher than before the conflict began in late February, reflecting ongoing uncertainty in global energy markets.
