Trump announces Israel-Lebanon ceasefire for 10 days; oil market awaits Islamabad US-Iran peace talks

US President Donald Trump said on Thursday that Israel and Lebanon have agreed to establish a temporary ceasefire from 5 pm EST on Thursday (3:30 am Friday in India). The ceasefire will be in force for 10 days, according to the POTUS.

Trump took to social media to make the announcement.

He said he had spoken with Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun. “These two Leaders have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M. EST,” wrote Trump on Truth Social, owned by a company majorly owned by him.

This marks a breakthrough in the ongoing Middle East conflict as Lebanon has been a sticking point in the US-Iran war, wherein Washington and Tehran are observing a temporary ceasefire.

The US Navy is maintaining a blockage along the Iranian coastline in the Strait of Hormuz -- a crucial maritime passage that has been central to be West Asia war. The development comes a day after Trump hinted that the Iran was nearing an end, and at a time when a second round of peace talks are expected to take in Islamabad -- Pakistan's capital -- this week.

The Strait of Hormuz -- which links the Persian Gulf with the Gulf of Oman and the Arabian Sea -- normally enables the passage of about one-fifth of the world's oil and gas supplies. The strait has been effectively shut for nearly seven weeks.

However, during the escalations, which began with joint American-Israeli strikes against Tehran killing Iran's Supreme Leader, Ayatollah Ali Khamenei, on February 28, and triggering Tehran's retaliatory strikes against at least eight countries in the Middle East, especially those hosting American military assets or private company company premises.

On Wednesday, the American president said that the United States is opening the Strait of Hormuz for the world, asserting that the "situation will never happen again".

He also claimed that the move was appreciated by China, which, according to him, had agreed that it wouldn't send weapons to Iran.

"China is very happy that I am permanently opening the Strait of Hormuz," he wrote on Truth Social. "I am doing it for them (China)" and for the world, he added.

Trump's mention of an official visit to Beijing came roughly a fortnight after his visit to the Chinese capital was postponed due to the West Asia war.

According to foreign media reports, the US president is likely to visit Beijing in mid-May.

This could be his first visit to China in eight years that will come a year after the US slapped sweeping global tariffs on most of its trade partners, including China.

Crude oil update | Brent at $99.5, WTI near $95/barrel

Crude oil prices hovered in late double-digits, with the Brent up 4.8 per cent at $99.5 and WTI at $94.9 a barrel at the last count.

At this level, Brent has retreated about 17 per cent from a nearly four-year peak hit in mid-March, before the now-active US-Iran ceasefire, amid growing escalations.

Analysts await the second round of discussions between American and Iranian delegations in Islamabad expected this week for cues.