Ceasefire: what's happening and what it means

A ceasefire has been in place since April 8, but reports that U.S. Ceasefire has emerged this Friday as one of the stories drawing attention in Singapore.

Key facts

• A ceasefire has been in place since April 8, but reports that U.S.
• Global oil prices decline after report by Iranian state news agency.
• The date looks set to pass without altering the course of the war after a senior administration official said that, for the purposes of the resolution, hostilities had terminated due to the April ceasefire between Tehran and Washington.
• A woman shops at a local market in Tehran on April 28. (West Asia News Agency via Reuters).
• The blockade of the vital sea channel has choked off 20% of the world's oil and gas supplies, and the U.S.

What we know

Going deeper, Global oil prices decline after report by Iranian state news agency.

On the substance, the date looks set to pass without altering the course of the war after a senior administration official said that, for the purposes of the resolution, hostilities had terminated due to the April ceasefire between Tehran and Washington.

Beyond the headlines, a woman shops at a local market in Tehran on April 28. (West Asia News Agency via Reuters).

More precisely, the blockade of the vital sea channel has choked off 20% of the world's oil and gas supplies, and the U.S.

It is worth noting that Trump said on Tuesday he was unhappy with the previous proposal from Iran, and Pakistan has not set a date for new talks on ending a war that has killed thousands, mainly in Iran and Lebanon.

By the numbers

At this stage, 28, Iran fired at U.S. bases, infrastructure and U.S.-linked companies in Gulf states, while the Iran-backed Lebanese group Hezbollah launched missiles at Israel, which responded with strikes on Lebanon.

On a related note, Trump faces a formal U.S. deadline on Friday to end the war or make the case to Congress for extending it under the 1973 War Powers Resolution.

Going deeper, Global oil benchmark Brent crude futures for July shed 0.4% to $109.96 a barrel after the IRNA report but were still poised for a 4.5% gain over the week after hitting $126 a barrel on Thursday, the highest level since March 2022.

On the substance, In a sign that the U.S. was also envisaging a scenario where hostilities cease, a State Department cable due to be delivered orally to partner nations by May 1 invited them to join a new coalition, called the Maritime Freedom Construct, to enable ships to navigate the strait.

The wider context

On a related note, WASHINGTON/DUBAI, United Arab Emirates (Reuters) -- Tehran has sent its latest proposal for negotiations with the United States to Pakistani mediators, Iranian state news agency IRNA said on Friday, a move that could improve prospects for breaking an impasse in efforts to end the Iran war.

Going deeper, IRNA gave no details, but global oil prices, which have risen sharply since Iran started a blockade of the Strait of Hormuz, dropped after its report.

On the substance, this has pushed up energy prices and increased concerns that there will be an economic downturn.

Beyond the headlines, it was not immediately clear whether the Iranian proposal had been passed on to Washington yet.

More precisely, President Donald Trump was to be briefed on plans for new military strikes to compel Iran to negotiate had pushed global oil prices up to a four-year high at one point on Thursday.

The bottom line

• The date looks set to pass without altering the course of the war after a senior administration official said that, for the purposes of the resolution, hostilities had terminated due to the April ceasefire between Tehran and Washington.
• A woman shops at a local market in Tehran on April 28. (West Asia News Agency via Reuters).
• The blockade of the vital sea channel has choked off 20% of the world's oil and gas supplies, and the U.S.
• Searches spiking right now: Oil prices fall after Iran sends updated peace proposal to mediators in Pakistan, Has the US-Iran ceasefire reset the clock on War Powers Act deadline?, US Iran Ceasefire News LIVE: Iran Delivers New Proposal For Talks With US Via Pakistan, Hegseth says clock paused on deadline to seek approval for Iran war.