Iran president says ceasefire reflects Tehran’s terms

Oman’s transport minister said the country would not impose fees on ships transiting the Strait of Hormuz, after reports that Iran and Oman could charge vessels during a ceasefire period.

The minister said Oman had signed agreements that prohibit charging ships passing through the waterway.

Under the two-week ceasefire plan, both Iran and Oman could be allowed to charge fees on ships transiting the strait, according to a regional official, with Iran expected to use the funds for reconstruction, while the strait has historically been treated as an international waterway without transit fees.

Ukrainian President Volodymyr Zelenskyy voiced support for the ceasefire in the Middle East on Wednesday, calling for a ceasefire in Russia’s war on Ukraine.

“Ukraine has always called for a ceasefire in the war waged by Russia here in Europe against our state and our people,” he wrote on X.

Zelenskyy said the United States had taken an important diplomatic step and added that Ukrainian military expert teams would continue working in the region to help strengthen security capabilities.

The Ukrainian president said a ceasefire saves lives, halts the destruction of cities and villages, and allows power plants and other infrastructure to function normally.

Oil prices fell sharply and global stocks rallied after the United States and Iran agreed to a two-week ceasefire, easing concerns over disruptions to energy supplies.

Brent crude dropped about 15% to below $95 a barrel after Tehran said it would allow ships two weeks of safe passage through the Strait of Hormuz, a key route for global oil flows, the Financial Times reported.

Europe’s STOXX Europe 600 rose nearly 4%, while Germany’s DAX gained 5% and London’s FTSE 100 climbed 3%.

Asian shares also advanced, while US markets were set to open higher. US Treasuries rose as investors reacted to the easing of tensions.

India and Turkey welcomed the ceasefire between the United States and Iran on Wednesday, calling for de-escalation and renewed diplomacy.

India said it hoped for the free flow of commerce through the Strait of Hormuz, while Turkey said it would support negotiations set to take place in Islamabad.

Both countries stressed the need for the ceasefire to be fully implemented and for all sides to adhere to the agreement.

Emmanuel Macron said on Wednesday about 15 countries were working to help resume shipping through the Strait of Hormuz after a ceasefire between the United States and Iran.

“About 15 countries are currently mobilized… to enable the implementation of this strictly defensive mission … to facilitate the resumption of traffic,” Macron said.

He said the effort was being coordinated with Iran and led by France.