After the United States and Iran agreed to a two-week ceasefire, with Tehran temporarily reopening the crucial Strait of Hormuz, stocks surged and oil fell in early Asian trading on Wednesday. West Texas Intermediate (WTI), the benchmark US crude, fell 16.56 percent to $96.39 a barrel on the oil markets, while Brent Crude fell 15.89 percent to $93.38. In terms of stocks, the Nikkei 225 in Japan was up 4.38 percent at 55,771.56 points, while the Kospi in South Korea was up 5.71 percent to 5,808.65.Before the opening bell in Tokyo, Tokai Tokyo Securities stated that purchasing is likely to take the lead in the Japanese market as concerns of an intensification of conflict have subsided.
Iran announced that it has reached an agreement with Washington to start negotiations on a way to stop the situation in Pakistan on Friday, following more than a month of attacks by the US and Israel.US President Donald Trump said on his Truth Social platform, “I agree to suspend the bombing and attack of Iran for a period of two weeks, subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.” One-fifth of the world’s oil passes through the Strait of Hormuz, which Tehran blocked up in response for the conflict that began on February 28. Iranian Foreign Minister Abbas Araghchi announced that ships may sail through the strait safely for two weeks.
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