Bakersfield, Calif (KBAK/KBFX) Global attention remained fixed on the United States and Iran as President Donald Trump’s rhetoric escalated with threats toward Iran, including a warning that “every bridge in Iran will be decimated by 12 o’clock tomorrow night, where every power plant in Iran will be out of business. Burning. Exploding.”
Early Tuesday morning, Trump posted, “A whole civilization will die tonight, never to be brought back again. I don’t want that to happen but it probably will.”
But just 90 minutes before Trump’s 8 p.m. Eastern deadline for Iran to make a deal or face what he described as unprecedented destruction, he signaled a pause.
World watches as cease fire reached between US and Iran: brokered by Pakistan (Photo by Anna Moneymaker/Getty Images)
In a social media post, Trump wrote, “Subject to the Islamic Republic of Iran agreeing to the complete, immediate, and safe opening of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided ceasefire!”
Pakistan mediated the talks and requested a two-week ceasefire between the two nations.
Iran’s foreign minister said, “If attacks against Iran are halted, our powerful armed forces will cease 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.”
World watches as cease fire reached between US and Iran: brokered by Pakistan (Photo by Majid Saeedi/Getty Images)
Trump later announced, “We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate. Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the agreement to be finalized and consummated.”
Oil prices were already reacting to the ceasefire news.
According to the Associated Press, futures for U.S. crude oil sank 18% to around $92.60, while brent crude oil futures fell about 6% to $103.40.
World watches as cease fire reached between US and Iran: brokered by Pakistan (Photo by Majid Saeedi/Getty Images)
Both prices remained well above where they were at the start of the war.