Trump: 2-Week Ceasefire With Iran to Reopen Hormuz, End War


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The United States and Israel have agreed to a two-week 
ceasefire with Iran to allow for peace talks aimed at ending the Middle East 
conflict and reopening of the Strait of Hormuz, which used to serve a fifth of 
the world's petroleum cargoes, U.S. President Donald Trump announced late 
Tuesday (4/7).

   "I agree to suspend the bombing and attack of Iran for a period of two 
weeks," Trump wrote on his Truth Social platform about 90 minutes before the 
expiry of his 8:00 p.m. deadline on Tuesday for Iran to reopen the strait or 
face massive destruction of its power plants and other infrastructure.

   Oil prices, which hit four-year highs in recent weeks, tumbled Wednesday 
(4/8) morning on the news. By 7.15 a.m. ET, NYMEX WTI was down $18.69 to $92.46 
bbl, after peaking at $117.63 on Tuesday (4/7). ICE Brent traded $15.65 lower 
at $93.62, after surging to $119.13 in mid-March.

   Trump said he arrived at the ceasefire after intervention by Pakistan's 
Prime Minister Shehbaz Sharif, who asked for the pause in fighting to fulfill 
his role as mediator to the conflict.

   He added that the ceasefire would depend on Iran agreeing to fully, 
immediately, and safely reopen the Strait of Hormuz.

   Iran effectively blockaded the strait shortly after the start of U.S.-Israel 
military campaign on February 27, halting most tanker traffic through the 
narrow waterway, which during normal times allowed passage for some 20 million 
bpd of petroleum liquids. During the 40 days of fighting, at least 24 
commercial vessels were reportedly struck by missiles and drones while being on 
the strait that borders Iran, Oman and the UAE, leading to the missing or 
deaths of 12 crew members.

   Israeli Prime Minister Benjamin Netanyahu said in a separate statement that 
he supports the U.S. initiative to end the fighting and reopening the strait. 

   Iranian President Masoud Pezeshkian was also on board with the ceasefire 
talks, Pakistani Prime Minister Shehbaz Sharif's office announced on Wednesday 
after a 45-minute phone call reportedly held between the two leaders.




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