All we find out about Iran ceasefire – petrol costs, long-term peace and ‘humiliation’
A ceasefire has been announced in the Middle East that will see Iran and US-Israeli forces stop firing bombs, drones and missiles at targets throughout the region but then future remains unclear
Trump announced a ceasefire(Image: Getty Images)
A ceasefire has been announced in the Middle East by Donald Trump minutes before a crunch dealine. The two-week agreement means Iran, Israel and the US will stop firing bombs, drones and missiles as long as a long list of conditions are met.
The accord was announced just an hour before Trump’s deadline for Iran to make a deal or else “a whole civilisation will die”. Crucially, traffic through the Strait of Hormuz will resume as part of the ceasefire, which has already seen the price of oil drop.
However, it isn’t all plain sailing for Trump as Tehran have declared 10 points which must be met for the ceasefire to continue. They include a “complete and permanent cessation of the war on Iran with no time limit” and “full payment of compensation and reconstruction costs to Iran”.
Following the two-week ceasefire agreement, the US President said it was a “big day for world peace”. The announcement came after a series of deadlines issued by the US president, the latest of which was due to expire at 1am this morning UK time.
Trump had said that unless Iran was willing to “make a deal” and re-open the Strait of Hormuz, then the US would “reign hell” on Iran. In another threat yesterday the US president warned that a “whole civilisation will die” if Tehran did not agree to the deal.
Will the ceasefire turn into peace?
For the two-week ceasefire to turn into peace, a both sides of the conflict must adhere to a list of demands. The Strait of Hormuz remaining open is the most important demand for the US while strikes on Iran stopping is a must for Tehran.
Iran has said it would permit “safe passage” through the strait over the course of the two-week ceasefire and the US and Israel has agreed to stop striking Iran. However, there is already a point of contention as Tehran has demanded a halt to strikes on Lebanon which Israel has already declared was not included in the ceasefire deal.
If Israel continues to strike Lebanon, the ceasefire could destabilise and all-out war could resume in the Middle East. At the beginning of the ceasefire, long term peace is far from a certain.
Who has brokered the ceasefire?
As the Iran war intensified with bombs, missiles and drones hitting targets all over the Middle East, Trump was claiming to be making progress with Iranian officials, who famously ridiculed the Orange Manbaby for “talking to himself”. However, now a ceasefire has been agreed and we can thank Pakistan for bringing the two sides together.
Pakistani Prime Minister Shehbaz Sharif has offered to host peace talks between the two sides, with discussions scheduled to begin on Friday in Islamabad. However, with so many Iranian demans and the Strait of Hormuz incredibly vulnmerable to a blockade, turning the ceaswefire into peace will be a tightrope walk for Pakistan, who have a keen interest in oil prices staying low.
Iran’s Supreme National Security Council said it would negotiate with the US in Pakistan’s capital, Islamabad, beginning on Friday.
But while accepting a ceasefire, it said in a statement: “It is emphasised that this does not signify the termination of the war.
“Our hands remain upon the trigger, and should the slightest error be committed by the enemy, it shall be met with full force.”
Will fuel prices come down?
The ceasefire announcement has seen oil prices fall dramatically, however markets remain much higher than they were before the war. The Strait of Hormuz is responsible for transporting roughly 20 per cent of the world’s daily oil supply, and has been blocked since the beginning of the war, causing huge spikes in petrol costs.
After Donald Trump announced the strait was ‘immediately’ and ‘completely’ reopened, the price of benchmark Brent crude fell by about 13 per cent to $94.80 (£70.73) a barrel. US-traded oil was more than 15 per cent lower at $95.75.
Despite the rapid decrease, oil prices still remain higher than when the conflict began on February 28. Then, it cost around $70 a barrel. Experts have warned that despite the immediate fall, it will take some time for drivers to feel the full benefit of the reopening at the pump.
With many predicting it will be two weeks until prices significantly drop. But if you haven’t filled up your car yet, it would be best to do so before Thursday at 5pm. Prices often rise towards the end of the week, so ensuring to restock before then will benefit your wallet.
CEO of Car.co.uk, William Fletcher, said: “Prices usually rise on Thursday evening and stay elevated through Sunday. If you can plan ahead and fill up mid-week instead, you’ll typically save 2-3 pence per litre, which adds up quickly over a year of driving.”
Trump claims ‘total and complete victory’
Following the announcement of ceasefire Donald Trump has claimed that there is no question the US had won a “total and complete victory”. He said that Iran’s uranium would be “perfectly taken care of” under the deal in an interview with Agence France Presse.
“Or I wouldn’t have settled,” Trump said. Earlier this morning, Trump wrote: “A big day for World Peace! Iran wants it to happen, they’ve had enough! Likewise, so has everyone else!
“The United States of America will be helping with the traffic buildup in the Strait of Hormuz. There will be lots of positive action! Big money will be made. Iran can start the reconstruction process.
“We’ll be loading up with supplies of all kinds, and just “hangin’ around” in order to make sure that everything goes well. I feel confident that it will. Just like we are experiencing in the U.S., this could be the Golden Age of the Middle East!”
Iran’s demands and claim Trump is ‘humiliated
Iran’s state television declared Trump’s ceasefire as a humiliating climbdown for his military ambitions. The US President backtracked on his threats to “end” civilisation as he announced the deal before his chilling deadline, the broadcaster said.
Iran’s list of demands put to President Trump has been made public following the agreement of a ceasefire. Iran’s 10-point plan:
- Guarantee that Iran will not be attacked again
- Permanent end to the war, not just a ceasefire
- End to Israeli strikes in Lebanon
- Lifting of all US sanctions on Iran
- End to all regional fighting against Iranian allies
- In return, Iran would open the Strait of Hormuz
- Iran would impose a Hormuz fee of $2 million per ship
- Iran would split these fees with Oman
- Iran to provide rules for safe passage through Hormuz
- Iran to use Hormuz fees for reconstruction instead of reparations
Starmer in the Middle East
It comes as Keir Starmer has announced that he will visit the Gulf today. The UK Prime Minister said that Britain will “do all we can to support and sustain this ceasefire”.
“I welcome the ceasefire agreement reached overnight, which will bring a moment of relief to the region and the world,” he said. “Together with our partners we must do all we can to support and sustain this ceasefire, turn it into a lasting agreement and re-open the Strait of Hormuz.”
