Under U.S. mediation in Pakistan, the U.S. and Iran have reached a two-week ceasefire agreement. Both sides will begin negotiations in Islamabad on April 10. NYMEX crude oil futures surged over 15% due to easing conflict concerns.


Ceasefire details: The U.S. ceasefire is contingent upon Iran's full reopening of the Strait of Hormuz. Iran stated that if attacks cease, the strait can be safely navigated in the next two weeks. Both sides mentioned promoting a long-term peace agreement.
Conflict review: Before the ceasefire, Israeli forces conducted multiple airstrikes on Iranian petrochemical facilities and residential areas. The U.S. military completed the rescue of pilots from a downed fighter jet. Trump previously set a deadline threatening to strike Iran.
Market impact: During the conflict, oil prices fluctuated significantly. Iraq's oil exports sharply declined due to the Strait blockade. If the waterway remains open, exports could return to pre-conflict levels within a week.
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