The Strait of Hormuz is to reopen after the US announced a two-week ceasefire with Iran.
Global energy prices fell sharply on the news – with wholesale gas prices down 20% – which came shortly before the US-imposed deadline.
The ceasefire will be greeted cautiously across the region where global LNG, oil and helium trades have been heavily disrupted.
In a social media post on Tuesday evening, President Trump agreed to suspend the bombing and attack of Iran for two weeks, subject to the Islamic Republic of Iran agreeing “to the complete, immediate, and safe opening of the Strait of Hormuz”.
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