Zelenskyy backs Middle East ceasefire, calls for end to Russia war

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.

Hossein Shariatmadari, editor-in-chief of the hardline Kayhan newspaper, argued that any temporary ceasefire or negotiation with the United States would only help Washington recover and prepare for further attacks, and said Iran should not release pressure on an enemy he described as weakened and desperate.

Writing in Kayhan, Shariatmadari said even if the other side accepted all of Iran’s reported conditions, there was no reason to believe the United States would honor them.

He argued that the conflict with Washington was not over specific events but over the Islamic Republic’s very existence, and said the confrontation could end only if either Iran surrendered to the US-led order or that order changed its nature.

He said expecting the United States to abandon hostility after a ceasefire was “unreasonable” and “naive,” and argued that any pause in fighting would simply give the enemy time to rebuild.

He also said that talk of a truce could weaken public unity, encourage divisions among officials and embolden what he described as compromise-seeking currents inside Iran.

“A ceasefire, compromise and negotiation are a gift to the enemy,” he wrote.

Shariatmadari also said the enemy should not be released from pressure while it was, in his words, “out of breath,” and framed the continuation of the war as tied not only to strategy but also to vengeance for those killed, especially the slain supreme leader.

European Commission President Ursula von der Leyen said on Wednesday that negotiations must continue after the United States and Iran agreed to a two-week ceasefire, calling for an enduring solution.

She welcomed the agreement, saying it brought much-needed de-escalation after weeks of tension.

Von der Leyen said it was crucial that talks continue to turn the temporary truce into a lasting outcome.