The United States and Iran have agreed on a two-week ceasefire deal that will end the bombing of Iran and re-open the Strait of Hormuz for maritime traffic, according to US President Donald Trump.
The deal was confirmed by Iranian Foreign Minister Abbas Aragchi and comes after weeks of hostilities that began on February 28.
Under the agreement, Iran's 10-point proposal will form the basis for further negotiations over the next two weeks, which includes the lifting of primary and secondary sanctions against Iran, the reopening of the Strait of Hormuz, payment of compensation to Iran, and a withdrawal of US forces from the region.
The proposal differs from an earlier 15-point plan sent by Washington to Tehran, which called for Iran to hand over its stockpiles of enriched uranium and publicly commit to not pursuing nuclear weapons development.
Trump also indicated that China may have played a role in nudging Iran to accept a ceasefire deal with Washington.
The ceasefire deal comes after significant disruptions to the global supply of energy, with the International Energy Agency terming the upheaval caused by the conflict 'the largest supply disruption in the history of the global oil market'.
