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Israel's prime minister, Benjamin Netanyahu, announced that Jerusalem backs the United States' decision to suspend aerial attacks on Iran for a two‑week period, while emphasizing that the truce excludes Lebanon. The statement, posted on X on Wednesday, aligns Israel with President Donald Trump's objective of neutralising Iran's nuclear, missile and terror capabilities across the region. Netanyahu noted that Washington has communicated its commitment to these goals ahead of the forthcoming negotiations scheduled for Friday in Islamabad, Pakistan. He reiterated that the ceasefire's scope is limited, explicitly stating that "the two‑week ceasefire does not include Lebanon." The Israeli clarification arrives after Pakistani Prime Minister Shehbaz Sharif declared that the United States, Iran and their allies had reached an "immediate ceasefire everywhere, including Lebanon and elsewhere," a move he said would take effect instantly. This contrasting messaging highlights a potential rift among allies regarding the breadth of the pause in hostilities. While the United States appears to pursue a broader de‑escalation, Israel's exclusion of Lebanon signals lingering concerns over Hezbollah's involvement and the security of its northern border. Analysts warn that the disagreement could complicate diplomatic efforts in Islamabad, where regional actors will seek to solidify a framework that addresses Iran's nuclear ambitions without igniting further conflict in Lebanon. Further updates will follow as the situation develops.

Iran and the United States have agreed to a two-week ceasefire, with talks set to begin in Islamabad, Pakistan, on Friday. The ceasefire comes after US President Donald Trump said he was calling off a threat to bomb Iran's power plants and bridges and suspending attacks on the country for two weeks.The truce is contingent on Iran agreeing to the 'complete, immediate and safe opening' of the Strait of Hormuz, a critical waterway through which a fifth of global oil supply passes. Iran's partial blockade of the strait has disrupted global trade, driving up oil prices and causing fuel shortages worldwide.Iran's National Security Council has confirmed that Tehran has agreed to talks based on a 10-point proposal from Iran. The proposal calls for Iranian dominance and oversight of the Strait of Hormuz, the withdrawal of all 'US combat forces' from bases in the Middle East, and a halt to military operations against allied armed groups across the region.The proposal also demands 'full compensation' for war damages, the lifting of all sanctions by the US, the United Nations Security Council, and the International Atomic Energy Agency, and the release of frozen Iranian assets abroad.Pakistan's Prime Minister Shehbaz Sharif said the warring sides had agreed to an 'immediate ceasefire everywhere', including Lebanon and elsewhere. He extended an invitation to US and Iranian delegations to Islamabad on Friday to further negotiate a conclusive agreement.

Pakistan is reportedly considering a pause in its military engagement with Iran as part of broader diplomatic efforts to de-escalate tensions between the two nations. The development comes amid heightened concerns over the potential for a wider conflict in the region, with various international actors urging restraint and dialogue. Details about the proposed pause remain scarce, but it is understood that Pakistan is seeking to create an opportunity for negotiations with Iran. The situation has been closely watched by the international community, with many expressing concerns about the humanitarian and geopolitical implications of a prolonged conflict.

The fragile ceasefire between Iran and Israel faced a serious crisis on Wednesday as both sides presented conflicting accounts of the agreement. The development raised concerns about the potential collapse of the truce.Israel escalated its military operations in Lebanon, launching its heaviest attack yet on over 100 targets, resulting in at least 254 fatalities. This move directly contradicts the claims of Iran and Pakistan, who brokered the 11th-hour truce and asserted that the ceasefire included Lebanon.In response, Iran halted the passage of oil tankers through the Strait of Hormuz, citing an alleged Israeli breach of the ceasefire. The Fars news agency reported that oil prices had dropped sharply below $100 a barrel following the truce announcement, leading to a global stock market surge.The White House disputed Iran's claims about the closure of the Strait of Hormuz, calling the reports 'false' and stating that US President Donald Trump expected it to reopen 'immediately, quickly and safely.' The US signaled its continued adherence to the ceasefire, even as it threatened to unravel.Iran and the US have different interpretations of the agreement. Trump conveyed a version suggesting a 15-point proposal from the US, which included no enrichment of uranium and the destruction of Iran's highly enriched uranium stockpile. In contrast, Iran's 10-point plan, which Trump initially referred to as a 'workable basis for negotiation,' included the right to enrich uranium and the full lifting of sanctions.The US and Iran are set to engage in talks in Islamabad, Pakistan, this weekend, with a US negotiating team led by Vice-President JD Vance. The talks aim to cement the ceasefire into a more durable peace agreement, but significant gaps remain to be bridged.The situation in the Gulf remains fragile, with the US and Israel claiming to have destroyed Iran's industrial base and significant military assets. Iran, on the other hand, portrays the truce as a victory, with senior politician Ali Akbar Velayati stating that 'America was forced to accept a ceasefire.'

Pakistan's diplomatic efforts have yielded a significant breakthrough, securing a temporary ceasefire between the US and Iran. The development comes after intense negotiations led by Pakistan's Prime Minister Shehbaz Sharif and Army Chief Asim Munir.The crisis had escalated to a point where Pakistan's government and military were deeply concerned about the potential consequences for the country's economy, defense, national security, and sectarian harmony. A defense pact with Saudi Arabia meant that if Riyadh entered the war, Pakistan would be drawn into it as well.Behind the scenes, Munir and Asim Malik, the country's head of army intelligence and national security adviser, played a crucial role in mediating the ceasefire. Munir's strong personal rapport with US President Donald Trump and his longstanding relationship with Iran's Revolutionary Guards were instrumental in brokering the deal.China emerged as a key player in the negotiations, with Pakistani officials claiming that Beijing directly encouraged Iran to accept a ceasefire, promising to act as a guarantor of Iran's safety in any talks. This included assurances that Iranian leaders would not be assassinated if they traveled for negotiations.The ceasefire deal was secured by 4am in Islamabad, with both the US and Iran agreeing to a temporary and fragile truce. Michael Kugelman, south Asia fellow at the Atlantic council, described it as Pakistan's 'biggest diplomatic win in years'.Pakistani officials have expressed concerns that Israel and the United Arab Emirates could still try to sabotage the peace process. However, the successful brokering of the ceasefire has been hailed as a 'shining moment' in Pakistan's history and a 'first step' towards peace.

The recent escalation between the US and Iran has brought the world to the edge of a potentially devastating conflict. US President Donald Trump's threat to attack Iran if it didn't reopen the Strait of Hormuz sparked a global outcry and raised concerns of a wider conflict.Trump's public threat to commit genocide sent shockwaves through the United States, with over 70 Democratic members of Congress calling for his removal from office. The Iranian government and people were also shocked, with thousands forming human chains around bridges and power stations that Trump might strike.Faced with the prospect of a catastrophic war, Trump chose to back away from his threat and instead claimed that he had granted Pakistan's request for a two-week ceasefire. However, the Iranian foreign minister tweeted that Trump had agreed to accept Tehran's 10-point plan as a general framework for negotiations.The chasm between the two sides remains vast, with major differences on issues such as sanctions relief and Iran's ballistic missile stocks. A mega-deal remains the only path to averting a return to full-scale war, but it will require compromises and adept diplomacy from both sides.If there's no firm deal, the conflict will almost certainly reignite. The US and Iran have agreed to a temporary ceasefire, but Iran still controls the Strait of Hormuz and retains the military muscle to spark a worldwide recession.

At a Pentagon briefing, Defense Secretary Pete Hegseth asserted that Iran’s request for a temporary cease‑fire was a direct result of the United States’ intensive air campaign, which he described as having reduced Iran’s weapons factories to rubble and rendered its military ineffective for years to come. Hegseth, standing beside Joint Chiefs Chairman Dan Caine, said the final wave of strikes before President Donald Trump announced a two‑week pause had completely destroyed Iran’s defense industrial base. While Iran can still fire from existing stockpiles, it can no longer replace lost munitions, according to the secretary. President Trump posted on Truth Social that he had agreed to suspend hostilities less than two hours before his self‑imposed deadline to “decimate the entirety of Iranian civilization.” The decision followed a last‑minute diplomatic push by Pakistan’s Prime Minister Shehbaz Sharif and army chief Gen Asim Munir. Iran’s foreign minister Abbas Araghchi confirmed Tehran’s acceptance of the pause, and the country’s supreme national security council announced it would send a delegation to Islamabad for formal talks starting Friday. Both sides claimed victory: Iran’s security council said it had achieved “nearly all the objectives of the war,” while the United States highlighted the crippling of Iran’s military capabilities. The cease‑fire ends a conflict that began on 28 February, when the U.S. and Israel launched nearly 900 strikes in a 12‑hour window against Iranian military infrastructure, missile sites, and leadership. The opening day saw the death of Supreme Leader Ali Khamenei, with his son Mojtaba Khamenei named successor on 8 March. Hegseth warned that the United States had prepared additional strikes on Iran’s power plants, bridges and energy infrastructure—targets he said Iran could not defend or rebuild for decades—if Tehran had refused the pause. According to Joint Chiefs Chairman Caine, 13 U.S. service members were killed during the fighting. Total casualties across the region exceed 5,000, including over 1,600 Iranian civilians and at least 1,497 deaths in Lebanon. By the sixth day of the war, U.S. military spending had reached roughly $12.7 billion, with a pending supplemental request of $200 billion before Congress. The future of a lasting settlement remains uncertain. Trump later announced that Iran would hand over its enriched uranium and cease all enrichment activities, while Iran’s supreme national security council released a 10‑point counter‑proposal that explicitly demands the right to continue enrichment. Disagreements also persist over the cease‑fire’s scope. Israel maintains that the pause does not apply to Lebanon, where ground and air campaigns are at their most intense since Israel’s northern invasion. Both Pakistan and Iran, however, have stated that Lebanon is included in the cease‑fire. Subsequent reports indicated Iranian missile and drone attacks on Kuwait and the United Arab Emirates, as well as strikes on Iran’s oil infrastructure on Lavan Island. Iran’s supreme national security council warned that its forces remain on high alert, stating, “our hands are on the trigger, and any mistake by the enemy will be met with full force.” When asked about the long‑term U.S. presence in the region, Hegseth replied unequivocally: “We’re not going anywhere.”

British Prime Minister Keir Starmer told reporters that the United Kingdom has a "job" to assist in reopening the Strait of Hormuz after reports that the vital oil corridor was blocked again just hours after a tentative cease‑fire was announced. The leader arrived at the King Fahd airbase in Taif, Saudi Arabia, where he met with British and local staff before embarking on a broader diplomatic tour of Gulf allies. The visit mirrors his recent push to shape a cease‑fire framework for Ukraine. While officials describe the trip as complementary to the Pakistan‑mediated talks between Washington and Tehran, many Gulf observers see Starmer as a more predictable partner than a United‑States administration that has been criticised for its unpredictable stance. The cease‑fire, brokered barely an hour before a deadline set by the U.S. president, included a clause to reopen Hormuz. Starmer’s itinerary follows a UK‑led gathering of military planners that explored practical steps for achieving that goal. Iran’s state news agency, Fars, claimed that Israeli actions in Lebanon breached the cease‑fire, prompting a fresh blockage of oil tankers in the strait. Later on Wednesday, Starmer is scheduled to meet Crown Prince Mohammed bin Salman. Their agenda is expected to cover the removal of Iranian mines and the insurance of tankers that rely on the Hormuz route for global oil shipments. "There are many practicalities and moving parts involved; this cannot be switched on instantly," a UK official explained, underscoring the complexity of the task. Addressing the media at the airbase, Starmer acknowledged the temporary relief provided by the cease‑fire but warned that the situation remains in its early stages. He emphasized that the UK’s priority is a permanent solution that restores full maritime traffic. "The impact on our energy prices is evident – we have seen daily fluctuations over the past 39 days. It is our responsibility to ensure the strait remains open so that the world’s energy needs are met and UK fuel prices stabilise," he said. Starmer has previously drawn criticism from former President Donald Trump for refusing to back the initial U.S.–Israeli strike on Iran and for limiting U.S. use of British bases to defensive missions, such as targeting Iranian missile sites. When asked about the risk of the UK becoming entangled in the conflict, Starmer reiterated that Britain acts only in collective self‑defence and that his mandate is to protect British lives and national interests, which includes keeping Hormuz open. The remainder of his Gulf itinerary has not been disclosed, and it remains unclear which other regional capitals he will visit after Saudi Arabia. One government source summed up the mission: "The cease‑fire is welcome, but the decisive factor for the British public will be a fully operational Hormuz Strait, which will have the greatest impact on domestic energy costs." The source likened Starmer’s role to his earlier effort in assembling the "coalition of the willing" that pledged to back any peace settlement in Ukraine, noting that this is his first opportunity to demonstrate solidarity with Middle‑East allies.

Oil markets experienced a dramatic correction on Wednesday, with Brent crude falling 13.9% to $94.10 per barrel and U.S. WTI futures sliding almost 16% to $95, marking the steepest daily percentage drop since the COVID‑19 crash of April 2020. Despite the plunge, prices remain well above pre‑conflict levels, when Brent traded below $73.The price shock followed President Donald Trump's announcement of a two‑week, conditional ceasefire with Iran, contingent on Tehran reopening the strategic Strait of Hormuz for oil tankers. Iran’s foreign minister, Abbas Araghchi, confirmed the strait would be managed by the Iranian military during the grace period, while Iran’s national security council accepted the ceasefire on the condition that U.S. attacks be halted.Equity markets reacted positively. The pan‑European Stoxx 600 surged 4%, its biggest one‑day gain in over four years. In the UK, the FTSE 100 climbed nearly 3% to 10,646 points, its highest level since the early days of the Iran war. Travel and leisure stocks led the rally, with Air France up 14.5%, Lufthansa +11%, IAG +9.5% and TUI +12%.Oil majors were the notable laggards; BP and Shell each lost more than 5% as investors priced in continued supply uncertainty. Asian markets also posted strong gains: Japan’s Nikkei 225 rose over 5%, Australia’s S&P;/ASX 200 jumped 2.55%, South Korea’s Kospi surged 7.5%, Hong Kong’s Hang Seng added 3.1% and China’s CSI300 climbed 3.2%.Bond yields eased on the ceasefire news. The U.S. 10‑year Treasury yield fell to 4.24% from 4.30%, while the UK 10‑year gilt slipped to 4.7% from 4.9%.Safe‑haven assets rallied as well: gold rose more than 2% to $4,812 per ounce, and cryptocurrencies recovered, with Bitcoin up 2.9% to $71,327 and Ether gaining 5.6% to $2,234.Market strategists emphasized the provisional nature of the relief. Jim Reid, Deutsche Bank markets strategist, warned that “investors will be breathing a big sigh of relief, but the durability of the ceasefire remains the key risk.” He noted ongoing Israeli‑Iran strikes and unclear extensions to Lebanon could reignite volatility.Energy analyst Saul Kavonic (MST Financial) described the pause as “an off‑ramp for Trump’s bombastic ultimatum, but not yet an off‑ramp for oil markets or the war.” He expects a limited release of tankers from Hormuz in May, which would ease storage pressure without boosting production.Capital Economics chief economist Neil Shearing highlighted potential transit fees for Hormuz passage, estimating a $1‑2 million charge per tanker—equivalent to roughly $1 per barrel—would have a modest effect on global oil prices but could signal a de‑facto partial nationalisation of the route.TD Securities senior strategist Prashant Newnaha cautioned that “renewed escalation cannot be ruled out, but markets are treating this ceasefire as the real deal, and all parties will sell it as a major win.” He added that oil prices are unlikely to revert to pre‑war levels, keeping inflationary pressures alive.Earlier in the week, U.S. equities swung sharply, with the S&P; 500 dipping 1.2% before rebounding after Pakistan’s prime minister urged Trump to extend the deadline and keep the strait open.The conflict, which began after the U.S. and Israel struck Iranian targets in late February, has choked the Strait of Hormuz—through which about 20% of global oil and LNG supplies flow—fueling a worldwide energy crunch.