Big Breakthrough in Middle East War: US, Iran agree on 2-week ceasefire; all eyes on Hormuz

At the end of his 8 pm April 7 ultimatum to Iran, US President Donald Trump announced a two-week bilateral ceasefire in the Middle Eastern country in what he claimed to be at Tehran's request through mediators, stating that American military forces will not attack Iran if the Strait of Hormuz is opened. The Iranian side reportedly accepted the ceasefire, promising to honour de-escalation unless it is attacked.

Trump confirmed the establishment of a multi-point pact between both sides, maintaining that the US has already achieved its military objectives in the conflict.

He wrote on Truth Social that the US had achieved its military objectives.

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Here are key takeaways from what both sides said:

Trump

• Will not attack Iran if the Strait of Hormuz is reopened
• There will be a bilateral ceasefire between the US and Iran
• The US has already achieved its military objectives
• Received a 14-point truce proposal from Iran
• The proposal is a practical basis for talks
• An agreement reached between US and Iran on all disputed issues
• Two weeks are needed to finalise the agreement
• Resolving a long-standing issue is an honour

• The bombing of Iran suspended for two weeks

• Spoke to leaders in Pakistan

• Pakistan has been a mediator between Washington and Tehran

• Iran sought the ceasefire

• Based on conversations with Pakistan PM Shehbaz Sharif and ​Field Marshal Asim Munir, I agreed to suspend the bombing and attack of Iran

• This will be a double sided CEASEFIRE

• A 10-point proposal from Iran is the "workable basis ‌on ⁠which to negotiate"

• Nearly all of the various points of past contention agreed upon by both sides

• The two-week period to allow a deal to be ​finalised

Iran

• We accept the two-week ceasefire
• Will honour the ceasefire if there is no attack

Israel

• US has told Israel that it is committed to achieving these goals in negotiations
• The two-week ceasefire excludes Lebanon

The big breakthrough...

Experts say that the much awaited breakthrough in the talks is set to bring some relief for investors, who have been on edge for five weeks since joint US-Iran strikes against Iran left its Supreme Leader killed and triggered retaliatory action against several countries in West Asia.

Iran's actions effectively left the Strait of Hormuz blocked. A crucial maritime region connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea, the strait -- which normally enables the supplies of 20 per cent of the world's oil and gas -- has since been at the cenre of the conflict.

US-Iran ceasefire declared but...

The conflict -- now in its sixth week -- has killed thousands so far and caused disruption to the world's energy supplies because of the strait blockage, according to foreign media reports.

While both sides have reportedly declared victory, several issues between them reportedly remain unresolved.

Experts say that both sides are sticking to clashing demands and conditions for a potential truce deal that could shape the Middle East for generations.

Middle East impact on India

India has ramped up its domestic energy supplies, prioritised auto and fuel deliveries to its households and diversified its oil and gas imports to endure the crisis.

Officials have repeatedly urged citizens not to panic-book or panic-buy the fuels in anticipation of shortages, categorically stating that there are no reported dry-outs across the country.

They have also requested the public to only rely on official sources of information related to the Middle East, with central as well as state-level authorities taking strict action against hoarders, black-marketers and rumour mongers.