U.S. President Trump accuses Tehran of not honouring the ceasefire with the Strait of Hormuz remaining firmly shut. Israel has said it was willing to hold peace talks with Lebanon, despite continuing to target Hezbollah sites in the country. Crude prices remain below the $100-mark despite Saudi Arabia claiming Iranian attacks on its Red Sea pipeline have erased up to 700,000 barrels a day from the market. European equities are due to end the week firmly in positive territory with investors clinging onto hope the Middle East ceasefire will hold. Stateside, the S&P 500 is on course to post its best weekly performance since November.

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Iran accuses the U.S. of violating the new ceasefire agreed on Tuesday with Israel continuing to target Hezbollah sites in Lebanon. U.S. Vice-President JD Vance is to lead peace talks in Islamabad, Pakistan this weekend, saying early ceasefire ‘choppiness’ is expected. Oil prices rebound from yesterday’s relief rally optimism with Asian markets in the red. European futures are slightly negative. NATO Secretary General Mark Rutte is hosted by President Trump at the White House who voices his frustration with the alliance’s lack of support over action in Iran. Rutte said talks were ‘frank’ but remained friendly.

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President Trump announces that the U.S. and Iran have agreed to a two-week ceasefire on the condition Tehran opens the Strait of Hormuz to commercial shipping. WTI and Brent sink back under the $100-mark as a result and the Kospi and Nikkei leading gains in Asian markets. The rally is due to extend in Europe and the U.S. with the Stoxx 50 and Nasdaq futures set for gains of 5 per cent and 3 per cent respectively. Israeli PM Benjamin Netanyahu supports the pause in hostilities in Iran but says the deal does not cover operations in Lebanon. We hear exclusively from Lebanese Economy Minister Amer Bisat who presses for a ‘sovereign-led ceasefire’ for his country.

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