Iran says Lavan refinery hit in attack, no casualties reported

If Iran negotiates in good faith with the United States, an agreement to end the conflict is possible, Vice President JD Vance said on Wednesday, citing what he called a “fragile truce.”

“The President of the United States has told me … go and work in good faith to come to an agreement,” Vance said during a visit to Hungary.

“If the Iranians are willing in good faith to work with us, I think we can make an agreement,” he added.

Vance said the United States and its allies had agreed to stop attacks on Iran, forming the basis of a truce, and that Tehran had agreed to reopen the Strait of Hormuz.

He said Donald Trump was impatient to make progress and had instructed negotiators to pursue a deal.

Masoud Pezeshkian said a ceasefire was reached based on principles accepted by Iran and vowed the country would remain united.

“The ceasefire, with acceptance of Iran’s general principles, is the result of the blood of our martyred leader … and the presence of all the people,” he said in a post on X.

“From today, we will remain together … in diplomacy, in defense, in the streets and in service,” he added.

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.