Israel-Iran Ceasefire: In a dramatic turn of events that brought a wave of relief across war-weary global markets, a long-awaited ceasefire between Israel and Iran has officially taken effect as of June 24. Iranian state media confirmed the truce after four intense waves of missile strikes on Israeli-held territories. U.S. President Donald Trump was the first to publicly announce the development, mere moments after both sides had threatened further attacks, raising fears of full-scale regional war.
This truce marks the end—at least temporarily—of what is now being dubbed the “12-Day War,” a brief yet volatile conflict that rattled global diplomacy, risked oil supply routes, and ignited fears of broader escalation across the Middle East.
Trump Claims Victory for Diplomacy
Posting on his Truth Social platform, President Trump declared:
“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE… Congratulations to both countries for having the Stamina, Courage, and Intelligence to end what should be called ‘THE 12 DAY WAR.’”
While Trump acknowledged that the ceasefire would not take immediate full effect, he emphasized that both nations had agreed to gradually wind down military operations.
Vice President JD Vance later reinforced this message, suggesting the conflict was now “effectively over,” and expressed hope for restarting a more enduring peace process.
The Final Blows Before Silence
Even as ceasefire discussions were underway, the region witnessed some of its most intense attacks. According to Israeli emergency services, three civilians were killed on Tuesday morning as Iran launched what appeared to be a final barrage of missiles before the truce deadline.
Iran’s Foreign Minister Abbas Aragchi confirmed via social media that Iranian forces had fought until the “very last minute,” while Israel remained silent, offering no official comment.
Notably, Iranian missiles had also struck Al Udeid Air Base in Qatar over the weekend, a key U.S. military hub that houses over 10,000 American personnel. Though Iran reportedly issued prior warnings to reduce potential casualties, the move significantly raised the stakes in the days leading up to the ceasefire.
Qatar’s Quiet Diplomacy
Behind the scenes, Qatari officials played a pivotal role in brokering the ceasefire agreement. Acting as intermediaries on behalf of the Trump administration, they reportedly persuaded Iranian leadership to accept the ceasefire terms after securing Israel’s conditional approval.
Israeli Prime Minister Benjamin Netanyahu had earlier signaled a possible end to the fighting, stating on Sunday that Israel was “very, very close” to achieving its military objectives.
Economic Relief: Oil Slips, Stocks Soar
The announcement of the ceasefire triggered immediate and favorable reactions in global financial markets. Crude oil prices, which had surged on fears of a supply crisis through the Strait of Hormuz, dipped sharply. Meanwhile, gold—often seen as a safe-haven asset during conflict—also lost ground, and stock markets in New York, London, and Tokyo jumped on the news.
Investors had been on edge for days, watching closely as missile strikes in the region threatened to disrupt global energy routes.
Europe and IAEA Warn Against Complacency
European Union leaders were quick to convene and assess the situation. EU chief diplomat Kaja Kallas warned that the “concerns of retaliation and this war escalating are huge,” urging both sides to maintain restraint.
Meanwhile, the International Atomic Energy Agency (IAEA) called an emergency session in Vienna. Director-General Rafael Grossi issued a stark warning:
“If diplomacy collapses again, the consequences could lead to unimaginable violence and destruction.”
The Road Ahead: Fragile Peace or a Pause in War?
While celebrations are muted, the ceasefire has provided a desperately needed window for diplomatic re-engagement. Yet, tensions remain high, and the region is far from stable. As history has shown, such ceasefires can either become the foundation for long-term peace—or just a brief pause before the next eruption.
For now, markets, civilians, and leaders alike can breathe a sigh of relief—but the real test will be whether this ceasefire holds in the volatile days and weeks to come.
