Oil plunges on 2-week ceasefire

Trump also said the US had received a 10-point proposal from Iran that he described as a “workable basis for negotiations,” with the two-week window allowing the potential agreement to be finalized and implemented. Additionally, Iran has agreed to reopen the Strait of Hormuz for two weeks provided all attacks are halted, adding that transit would need to be coordinated with Iran’s Armed Forces, while Israel has also reportedly assented to the temporary ceasefire. The near-closure of the vital waterway, through which about 20% of global oil flows, has roiled energy markets and heightened risks of rising inflation and a global economic slowdown.