Trump and Iran Declare Two-Week Hormuz Truce

Oil prices fell sharply today after a surprise announcement from Tehran and Washington. The two nations have agreed to a temporary, two-week ceasefire. The deal focuses on the Strait of Hormuz, a vital waterway for global oil shipments. Iran has pledged to guarantee "safe passage" for all commercial vessels through the strait during this period. This immediate easing of tensions caused a drop in global oil prices. The strait is a critical chokepoint, with about one-fifth of the world's oil supply passing through it. The brief ceasefire is set to begin within 48 hours. Officials from both sides emphasized this is a limited humanitarian and commercial gesture. Talks on the next steps are expected before the two-week period ends.