Trump Halts Iran Strike At Last Minute As Shock Ceasefire Deal Sends Oil Prices Tumbling

A dramatic breakthrough saw the United States and Iran agree to a two-week ceasefire just moments before a deadline set by Donald Trump for a potential large-scale strike on Iran. The agreement includes Tehran reopening the strategically critical Strait of Hormuz, a key route for global oil shipments.

Both nations quickly framed the outcome as a success. Trump described the development as a “total and complete victory” for the US in remarks to AFP, while Iranian officials echoed similar sentiments, portraying the pause in hostilities as a triumph.

Iran confirmed it would enter discussions with Washington starting Friday in Pakistan, signalling a possible pathway to a broader resolution after more than a month of intense conflict.

Strait of Hormuz Reopens as Oil Prices Drop and Markets Rally

Central to the agreement is Iran’s decision to allow safe passage through the Strait of Hormuz for two weeks. The vital waterway carries roughly one-fifth of the world’s oil and had been closed in retaliation for the conflict that began on February 28.

Iranian Foreign Minister Abbas Araghchi stated: “If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations.”

Following the announcement, oil prices plunged by more than 17 percent, reversing weeks of sharp increases that had strained consumers worldwide. Stock markets in Asia responded positively, with early trading showing strong gains.

Trump indicated progress towards a longer-term deal, saying negotiations were “very far along” and based on a 10-point proposal from Iran that he described as “workable.” However, Tehran’s publicly outlined terms include lifting US sanctions, maintaining control over the Strait, and recognition of its uranium enrichment programme.

Trump’s Escalation, Casualties and Regional Fallout Before Deadline

In the hours leading up to the ceasefire, strikes intensified. The US and Israel targeted infrastructure including bridges and railways allegedly linked to Iran’s Revolutionary Guards, according to Israeli Prime Minister Benjamin Netanyahu.

The Israeli military also admitted to damaging a synagogue in Tehran, expressing regret and stating the intended target had been a senior Iranian commander.

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Iran retaliated with drone and missile strikes across Gulf states, impacting countries such as Qatar, Bahrain, Saudi Arabia and the United Arab Emirates. Reports confirmed civilian injuries and fatalities, including the death of an eight-year-old child in Baghdad.

Despite the ceasefire, tensions remain high. Netanyahu clarified the agreement does not extend to Lebanon, where clashes involving Hezbollah continue.

Amid the uncertainty, Iranian citizens have expressed fear over the possibility of renewed violence. One student, Metanat, said she felt “terrified and so should everyone else in the country.”