President Donald Trump has announced he would pause planned military strikes on Iran for two weeks, following Tehran’s indication that it was open to a conditional ceasefire.
Trump announced on Tuesday evening that the move came after conversations with Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, and that the suspension is contingent on Iran’s “complete, immediate and safe opening of the Strait of Hormuz.”
Sharif said in a statement that Iran and the U.S. had agreed to an “immediate ceasefire everywhere.” He also invited Washington and Tehran to peace talks in Islamabad on Friday.
Iran’s Foreign Minister, Seyed Aragchi, said in a statement that Washington had accepted the general framework of a 10-point proposal, and that Tehran will cease its “defensive operations” if attacks against the country are halted.
Aragchi also said safe passage through the Strait of Hormuz “will be possible.”
The 10-point plan, according to an Iranian state broadcaster are Complete cessation of the war on Iraq, Lebanon, and Yemen, Complete and permanent cessation of the war on Iran with no time limit, ending all conflicts in the region in their entirety, reopening the Strait of Hormuz, establishing a protocol and conditions to ensure freedom and security of navigation in the Strait of Hormuz, and full payment of compensation for reconstruction costs to Iran.
Others are fully committed to lifting sanctions on Iran, the release of Iranian funds and frozen assets held by the United States. Iran fully commits to not seeking possession of any nuclear weapons, immediate ceasefire takes effect on all fronts immediately upon approval of the above conditions
Trump announced a postponement in his planned attacks just hours before his 20:00 ET (00:00 GMT) deadline on Tuesday.
Trump said the U.S. received a 10-point proposal from Iran that provides a workable basis for negotiations. The U.S. President reiterated his claims that Washington had “already met and exceeded all Military objectives” and said that the “two-week period will allow the Agreement to be finalised and consummated.”
Trump added that almost all points of past contention have been agreed to between the U.S. and Iran, with the two weeks allowing the agreement to be finalised.
S&P 500 Futures rallied over 2 per cent in after-hours trading following Trump’s announcement. WTI crude oil futures slid nearly 13 per cent to $86.21 a barrel.
Trump had previously threatened devastating strikes against Iran, earlier stating that “a whole civilisation will die tonight” if his conditions for peace were not met. He had touted planned strikes against Iran’s energy infrastructure, drawing ire from Tehran.
Pakistan– which was seen actively working on mediation– proposed the two-week extension just hours before Trump’s deadline. Sharif requested that Iran open the Strait of Hormuz for two weeks as a goodwill gesture and urged all warring parties to observe a ceasefire.
An Associated Press report said China had also nudged Iran towards a ceasefire.
The Strait of Hormuz was a main point of focus in the Iran war, as Tehran effectively blocked the channel in response to U.S. and Israeli hostilities. The channel supplies about 20 per cent of the world’s oil consumption.
Trump had earlier suggested that the U.S. would wind down its operations against Iran without reopening Hormuz. His announcement on Tuesday evening was far from the first time the U.S. president threatened action against Iran before backing down at the eleventh hour.
The Iran war entered its sixth consecutive week, with strikes between Iran, Israel, and surrounding Gulf countries continuing into the late hours of Tuesday.
