Washington, D.C. – Donald Trump has pulled back on his threats to launch devastating strikes on Iran, less than two hours before a deadline he set for Tehran to capitulate or else a "whole civilization will die." Trump said he was holding off on his threatened attacks on Iranian bridges, power plants and other civilian targets, subject to Tehran agreeing to a two-week ceasefire and reopening of the Strait of Hormuz.
Trump said that he believes China pushed Iran towards agreeing to the two-week ceasefire that was announced hours before Trump's deadline to bomb Iran's power plants and bridges – a move which could have constituted war crimes. Trump's comments confirm earlier reports that China encouraged Tehran to reach a ceasefire in the war with the US and Israel.
Key developments:
- Trump announces two-week ceasefire with Iran hours before deadline to bomb infrastructure
- Oil prices plunge nearly 15% as Brent crude drops to $93.48
- Global markets surge: Nikkei +4%, Kospi +6%, ASX +3%
- Russia and China veto UN resolution authorizing force to reopen Strait of Hormuz
- Iran demands control of Strait of Hormuz, US withdrawal, and sanctions lifting in 10-point plan
- Israel says ceasefire does not include Lebanon; fighting with Hezbollah continues
- American journalist Shelly Kittleson released after kidnapping in Baghdad
- White House calls ceasefire a "victory for the United States"
Ceasefire Announced as Deadline Nears
The ceasefire was announced soon after Russia and China blocked a resolution at the UN security council that aimed to reopen the strait of Hormuz. The vetoes blocked the UN from authorising the use of force to reopen the crucial waterway through which one fifth of the world's oil passes. Russia and China said that the resolution was biased against Iran.
China's ambassador to the UN, Fu Cong, said that the draft resolution "fails to capture the root causes and full picture of the conflict" and that resolution risked providing a "legal veneer" for the use of military force. The UK said that vetoing of the resolution was "deeply regrettable".
Trump told Agence France-Presse "I hear yes," when asked if Beijing had been involved in pressuring Tehran to negotiate.
Oil Prices Plunge, Markets Surge
Oil prices plunged by almost 15% after Donald Trump held off on his threat to bomb Iran, and Iran's foreign minister said passage through the strait of Hormuz would be allowed for the next two weeks under the management of its military.
Brent crude oil, the international standard, dropped 14.4% to $93.48, and futures for US crude oil sank 14.7% to $96.27 a barrel. The prices remain well above where it was at the start of the war.
Meanwhile as trading in Asia got under way, Australia's S&P/ASX 200 was up almost 3%, Japan's Nikkei rose more than 4% and South Korea's Kospi gained 6%.
Iran's 10-Point Plan
According to state media, Iran will only accept the war's conclusion once details are finalised in line with a ten-point peace plan that they have reportedly submitted to the US via Pakistani intermediaries.
The list of the 10 points published by state media include a number of conditions that the US has rejected in the past. According to Iranian state media, the plan requires:
- The lifting of all primary and secondary sanctions on Iran
- Continued Iranian control over the strait of Hormuz
- US military withdrawal from the Middle East
- An end to attacks on Iran and its allies
- The release of frozen Iranian assets
- A UN Security Council resolution making any deal binding
The call for Iranian control over the strait of Hormuz – a conduit for around a fifth of the world's oil – has been highlighted as of particular concern, as Iran held no control over the strait before the conflict began.
Democratic senator Chris Murphy leapt on the comments from Iran, telling CNN "who knows if any of that is true, but if this agreement gives Iran the right to control the strait that is cataclysmic for the world."
Israel: Ceasefire Does Not Include Lebanon
The prime minister of Israel, Benjamin Netanyahu, has issued a statement saying he supports the US decision to suspend attacks against Iran for two weeks but the ceasefire does not include fighting against Hezbollah forces in Lebanon.
Israeli attacks on Lebanon since the start of the war have killed more than 1,400 people, including 126 children, and displaced more than 1 million, according to Lebanese authorities.
American Journalist Released
American journalist Shelly Kittleson, who was recently kidnapped in Baghdad, has been released, US secretary of state Marco Rubio has announced. Rubio said her release reflects the "Trump Administration's steadfast commitment to the safety and security of American citizens, no matter where they are in the world."
Stay updated with the latest world headlines on our World Headlines Page.
