China pressed Iran to accept a cease-fire, NYT reports citing Iranian officials; Iran accepted a 2-week cease-fire after China’s push; Ceasefire deal includes immediate opening of Strait of Hormuz

The reported cease-fire agreement following China’s intervention could lead to a stabilization in tensions in the Middle East, particularly affecting global oil markets. The immediate reopening of the Strait of Hormuz, a critical shipping lane for oil, may ease supply concerns and pressure on WTI prices, reducing volatility in energy commodities overall. This development could also influence broader risk sentiment in financial markets, setting a tone for geopolitical stability.