US-Iran Ceasefire Eases Fears, Reopens Key Oil Strait

Asian markets reacted with relief on Wednesday after the United States and Iran agreed to a temporary ceasefire. The deal includes the immediate reopening of the Strait of Hormuz, a vital channel for global oil shipments. U.S. President Donald Trump announced the two-week halt in hostilities. He stated he had received a "workable" 10-point proposal from Iran. The agreement came just before a U.S. deadline for Iran to reopen the waterway. Iran confirmed it would allow safe passage through the strait. Approximately one-fifth of the world's oil passes through this narrow channel. The recent tensions had threatened to disrupt these supplies. The breakthrough follows weeks of rising conflict. The temporary ceasefire is viewed as a critical step toward reducing immediate regional tensions. Markets in Asia, major importers of Gulf oil, saw the development as positive.