Tehran: The dark clouds of war between Iran and the United States, which had gripped the world in anxiety for the past few weeks, have finally begun to dissipate. Iran's Supreme Leader, Mojtaba Khamenei, has issued a historic order to all military units to immediately halt all combat operations. Following this development, crude oil prices in the global market have witnessed a sharp decline, providing a significant relief to the world economy.
What is in Khamenei’s Order?
The directive was issued through the state media outlet, IRIB. "While this is not the total end of the war, all units must cease attacks for the time being," Khamenei instructed. Protests had been erupting across Iran against Donald Trump’s war policies; however, as soon as the ceasefire was announced, these protests turned into massive celebrations. Thousands of people have taken to the streets to welcome the decision.
Oil Prices Drop by 19%!
Global oil markets reacted instantly to the ceasefire announcement. The price of crude oil, which stood at $103.42 per barrel, has now dropped to $95. This sudden nearly 19% drop in price is expected to be a major boon for importing nations like India.
Strait of Hormuz Reopens: But 'Toll' to be Paid!
Iran has agreed to immediately and safely reopen the Strait of Hormuz, one of the world's most critical maritime routes, which had been closed for the last five weeks. However, Iran has introduced a strategic new plan. Iran has decided to levy a 'Toll' on ships passing through this strait. It is expected that a tax of approximately $2 million (about ₹19 crore) will be imposed per ship. This decision by Iran is likely to have a significant economic impact on maritime trade.
Pakistan Mediates the Deal
Interestingly, Pakistan played a key role as a mediator in these negotiations. Seeking to demonstrate its influence in the Gulf nations and to navigate its own economic crisis, Pakistan used this mediation for both diplomatic leverage and self-interest. Reducing tensions between the US and Iran was also essential for Pakistan’s economic stability.
Iraq Welcomes the Move
Neighboring Iraq has wholeheartedly welcomed the ceasefire. "This is a positive step toward regional peace. Engage in sustainable dialogue to build mutual trust and ensure that regional tensions do not rise again," Iraq appealed to both nations.
Overall, an atmosphere of peace is finally emerging in the Middle East after the looming threat of war, and the global market is now on a path to recovery.