US President Donald Trump has announced a two-week suspension of 'Operation Epic Fury', the military campaign against Iran. Trump stated that the temporary truce is intended to provide space for finalising a long-term peace agreement, though he noted the military remains 'cocked and loaded' should Tehran renege.

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The ceasefire agreement is strictly conditional upon Iran's immediate and safe reopening of the Strait of Hormuz. While energy markets reacted with optimism, the US Energy Information Administration (EIA) has cautioned that a 'technical reopening' may be delayed.

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Beyond the ship fees, the proposal submitted by Tehran includes several non-negotiable demands:

● Uranium Enrichment: Iran demands that the U.S. formally accept its uranium enrichment program.

● Total Withdrawal: The plan calls for the complete withdrawal of all U.S. forces from the region.

● Allied Protection: Tehran insists that its regional allies (proxies) be left alone and excluded from future strikes as part of the permanent deal.

● Compensation via Fees: Instead of direct war reparations, Iran intends to use its share of the US$2 million per ship fee to rebuild infrastructure (roads, bridges, power plants) decimated by U.S. and Israeli strikes.

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Oil prices plunged as WTI crude fell 16.78% to US$94.00 per barrel on 8 April 2026. The market responded to reduced fears of energy supply disruptions and the expected reopening of the Strait of Hormuz.

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Pakistan PM Shehbaz Sharif confirmed the truce applies everywhere including Lebanon. High-level delegations from both nations are scheduled to begin formal peace talks in Islamabad on 10 April 2026.

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The diplomatic breakthrough was heavily facilitated by Pakistani Prime Minister Shehbaz Sharif. Acting as a crucial mediator, Sharif requested the two-week pause to allow diplomacy to run its course. A high-level summit is now officially scheduled to take place in Islamabad on Friday, 10 April 2026, where delegations will meet to negotiate the 'Islamabad Accord'.

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The United Arab Emirates has voiced significant doubt regarding the long-term viability of the truce. Speaking to Euronews, UAE officials stated that a temporary ceasefire is simply not enough to reach a lasting solution to the Iran war, stressing that there remains 'no trust' in the Tehran regime.

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President Trump had previously warned that a whole civilisation would die on 7 April 2026. He had set an 8pm deadline for massive strikes before accepting the 11th-hour ceasefire proposal.

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1. If the Strait of Hormuz is opened, will prices go down now?

While oil prices fell 17% immediately, consumers may not see lower pump prices for weeks. Global supply remains tight due to infrastructure damage and high insurance premiums for tankers.

2. How does this ceasefire affect Malaysia?

Malaysia faces high logistics costs and inflationary pressure on food. DPM Fadillah Yusof warned that fuel subsidies and transport costs will remain under strain despite the 14-day diplomatic window.

3. The ceasefire mentions Iran and the US. What about Israel?

The deal includes Lebanon, effectively pausing the Israel-Hezbollah front. However, Israel continues to monitor Iranian proxies closely, and its military cabinet has not yet formalised a long-term withdrawal.

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