Key Facts

• President Trump announced a conditional two-week ceasefire with Iran.
• The ceasefire allows vessels to move through the Strait of Hormuz safely.
• Global oil prices dropped sharply, with US-traded oil falling by almost 16.5% to $93.80.
• The conflict began on February 28, disrupting oil and gas supplies due to Iranian threats.
• Trump set a deadline for Iran to agree to open the strait safely.
• The situation involved threats from Iran to attack ships and has affected energy prices.