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US-Iran Agree to Two-Week Ceasefire; Strait of Hormuz Reopens
US-Iran Agree to Two-Week Ceasefire, Strait of Hormuz Reopens
The United States and Iran have agreed to an immediate two-week ceasefire, following more than a month of military confrontation. The Islamic Republic of Iran has also agreed to the safe opening of the Strait of Hormuz, a vital route for global crude oil supplies. President Donald Trump had previously warned that Washington would attack Iranian infrastructure if the strait was not opened. President Trump emphasized that this is a "double-sided ceasefire" and that all military objectives have been met. The agreement was facilitated by Pakistan's Prime Minister Shehbaz Sharif and Field Marshal Asim Munir.
Peace Negotiations and Philippine Oil Supply Discussions
Iran announced that its defensive operations would cease if attacks against the country were halted. Iran's Minister of Foreign Affairs, Seyed Abbas Aragchi, stated that safe passage through the Strait of Hormuz would be possible for two weeks with coordination from Iran's Armed Forces. President Trump believes the two-week period will allow for the finalization of a peace agreement, with negotiations based on Iran's 10-point proposal and the US's 15-point proposal. Meanwhile, Philippine President Ferdinand Marcos Jr. plans to use this ceasefire period to increase Philippines' oil supply as much as possible, hoping the talks will go well and the ceasefire will extend. Israel supported the ceasefire but insisted that Lebanon was not included, contradicting the Pakistani Prime Minister's statement.
International Market Impact and Expert Analysis
Following the US-Iran ceasefire announcement, crude oil prices dropped in the international market. However, experts do not anticipate an immediate impact on petroleum product prices in the Philippines. Rene Almendras, Private Sector Representative of LEDAC, stated that it could take 30 to 90 days for any price changes to be felt in the Philippines. Professor Renato de Castro from the DLSU Department of International Studies predicted that prices would "soften" rather than experience a significant drop. He added that it is unrealistic to expect a rapid decline in prices. The duration of the ceasefire and any potential agreement between the United States and Iran regarding nuclear issues will be crucial factors influencing future global oil prices.
*Source: YouTube: ABS-CBN News (2026-04-08)*
