Iran And Israel Ceasefire Agreement Implemented After 12-Day Conflict With Global Market Implications

The long-awaited between Israel and Iran has finally been implemented. Iran's Press TV reported on June 24 that the truce began after four waves of Iranian attacks on territories occupied by Israel. This 12-day conflict had threatened to spiral out of control, causing significant market fluctuations worldwide. Oil prices dropped, gold lost its appeal, and stock markets saw a sharp rise as relief spread across global economies.

Despite the ceasefire, tensions remain high. Israel reported detecting missile launches from Iran just two hours after the truce took effect. Investors had been on edge all week, concerned about potential disruptions to oil shipments through the Strait of Hormuz, a crucial route for global energy supplies. Consequently, markets experienced a steady decline throughout the week while gold prices increased.

Ceasefire Announcement and Global Reactions

The ceasefire was initially announced by US President Trump earlier in the day. This announcement came shortly after both nations threatened further attacks. Iran's final warning followed an apparent last volley of projectiles aimed at Israel. Iranian Foreign Minister Abbas Aragchi stated on social media that their military fought until "the very last minute." However, Israel reported three separate waves of missile attacks from Iran that same morning.

President Trump expressed optimism about the ceasefire's success, stating that a "complete and total" cessation of hostilities between Israel and Iran would take place to end the conflict. He congratulated both countries for their resilience and intelligence in resolving what he termed "THE 12 DAY WAR" on his Truth Social platform.

Role of Qatar in Ceasefire Negotiations

The ceasefire followed American strikes on Iranian nuclear sites over the weekend. In retaliation, Iran launched missiles at Al Udeid Air Base in Qatar, which is home to around 10,000 US troops and serves as the headquarters for US Central Command. Reports indicate that Iran provided prior warnings to minimize damage.

Qatari officials played a pivotal role in brokering the ceasefire agreement. Acting on behalf of the Trump administration, they persuaded Iran to accept proposed terms after learning that Israel had also agreed. Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani secured Tehran's consent during discussions with Iranian officials, according to Reuters.

International Concerns and Diplomatic Efforts

European foreign ministers convened to evaluate the situation. Kaja Kallas, chief diplomat for the European Union, highlighted significant concerns about potential retaliation and escalation of the conflict. Simultaneously, an emergency meeting was held by the International Atomic Energy Agency (IAEA) in Vienna. Rafael Grossi, head of IAEA, cautioned that failure in diplomacy could lead to "violence and destruction reaching unimaginable levels."

Israeli Prime Minister Benjamin Netanyahu had previously hinted at a possible end to hostilities. On Sunday, he mentioned that Israel was "very, very close" to achieving its military goals but did not specify when the conflict might conclude.

The US President noted that while announcing the ceasefire, it would not be fully effective immediately due to ongoing missions being completed. Vice President JD Vance later remarked that the conflict seemed "effectively over," suggesting there might be an opportunity to "restart a real peace process."