Summary

Trump accepted Pakistan's two-week ceasefire proposal, holding off on threatened infrastructure strikes. Iran agreed to reopen Strait of Hormuz under IRGC management with peace negotiations beginning Friday in Islamabad. Oil crashed 14% in its biggest single-day drop since April 2020. Markets surged globally in relief rally while energy stocks plunged. This marked the most significant diplomatic breakthrough since the war began.

Full report archived. Key sources: Guardian, Reuters, Bloomberg, CNBC.

Key Developments

• Pakistan-brokered Islamabad Accords ceasefire agreement
• Iran agrees to Hormuz reopening under IRGC oversight
• Oil: Brent -14%, WTI -16% (historic crash)
• Markets: S&P +2.5%, Nikkei +5%, Kospi +7.5%
• Energy stocks hammered: XOM -5%, CVX -5%
• Peace talks set for Friday April 12 in Islamabad