US Iran Ceasefire Extended 60 Days with Strait of Hormuz Reopening

Mediators report that the US and Iran are nearing an agreement to extend their ceasefire by 60 days. This deal includes provisions for the gradual reopening of the strategically important Strait of Hormuz. The Strait is crucial for global oil supply, which could affect trading volumes and oil prices. This development may have significant implications for markets dependent on oil transportation and stability in the region.