Iran has also announced the reopening of the Strait of Hormuz for all vessels for the next two weeks following the ceasefire announcement by US President Donald Trump.
Iranian Foreign Minister Abbas Araghchi, in a statement approved by Iran’s Supreme National Security Council, thanked Prime Minister Shehbaz Sharif and Field Marshal Asim Munir for what he described as their tireless efforts to help bring the conflict in the region to an end.
He said Iran had accepted the request for negotiations from the United States following Prime Minister Shehbaz Sharif’s appeal and Pakistan’s 15-point proposals, while President Trump had also agreed in principle to the framework of Iran’s 10-point proposals.
Araghchi added that on this basis, Iran’s Supreme National Security Council has decided that if attacks on Iran are halted, its armed forces will also suspend defensive operations.
He further stated that, in coordination with the Iranian military, safe passage through the Strait of Hormuz will be allowed for two weeks, although technical and operational restrictions will continue to apply.
The temporary closure of the Strait of Hormuz had a major global economic impact, as around 20 percent of the world’s oil trade and nearly one-fifth of global LNG shipments normally pass through the route.
During the disruption, as much as 10 to 12 million barrels per day of oil supply was affected, pushing physical crude prices close to $150 per barrel, while Brent futures crossed $119 at peak levels. Global shipping and insurance costs also surged sharply, with fuel shortages and higher transport costs reported across Asia and Europe.
