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- Trump said the US is ready to discuss sanctions relief and tariff relief with Iran after the ceasefire framework took shape.
- He also said many parts of the 15-point plan had already been agreed and that there would be no uranium enrichment.
- Trump warned that any country supplying military weapons to Iran would face an immediate 50% US tariff with no exemptions.
- US and Iranian delegations are expected in Islamabad on Friday, while Iran is also moving to formalize Strait of Hormuz tanker coordination with Oman.
Live Reporting
Bitcoin surged above $72,000 after sitting around $69,000 just an hour earlier, as traders rushed back into risk after President Donald Trump announced a ceasefire with Iran for two weeks just before his 8 p.m. ET deadline.
Naturally, West Texas Intermediate crude dropped about 13% to below $98 a barrel, while US futures tied to the Dow Jones Industrial Average rose by 967 points, or 2.1%. S&P 500 futures gained 2.1%, while Nasdaq 100 futures climbed 2.3%.
Iranian Foreign Minister Abbas Araghchi then responded with a statement after Trump’s ceasefire announcement.
Araghchi said Iran appreciated the efforts of Pakistan Prime Minister Shehbaz Sharif and Field Marshal Asim Munir to help end the war.
He added that, following Sharif’s public request, the US request for talks around its 15-point proposal, and Trump’s stated acceptance of the broad framework of Iran’s 10-point proposal, Iran’s Supreme National Security Council was declaring that if attacks on Iran stop, its armed forces will also stop their defensive operations.
“For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations,” said Araghchi.
Across Asia, Australia’s S&P/ASX 200 stock index rose by 1.74% to close at 8,728.8, and Japan’s Nikkei 225 edged up just 0.03% to 53,429.56, while the broader Topix added 0.25% to 3,654.02.
South Korea’s Kospi is up by 0.82% at 5,494.78, but the small-cap Kosdaq has fallen by more than 1% to 1,036.73.
Mainland China’s CSI 300 stock index is staying flat at 4,440.62, while India’s Nifty 50 erased earlier losses to rise 0.23%, and the Sensex added 0.25% in choppy regional trading, according to data gotten from TradingView.
What to know
Bitcoin, stock futures, and broader risk markets jumped while oil sank after Trump’s two-week ceasefire pause and Iran’s response pointed to a temporary easing in the US-Iran crisis.
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