Israel and Iran Agree to Sudden Ceasefire... Netanyahu Says Airstrikes on Iran Have Stopped

[Financial News]  


Israel and Iran abruptly halted their mutual airstrikes on the 8th local time.
After Iran fired missiles at Israel late on the 7th and Israel responded with fighter jet strikes on Iran, raising fears that the ceasefire could collapse, U.S. President Donald Trump pressed both sides, saying, "You have to stop the shooting immediately," before the sudden halt was announced.
The Islamic Revolutionary Guard Corps (IRGC) first announced that it was stopping attacks on Israel, and Benjamin Netanyahu, the Israeli prime minister, then declared a halt to airstrikes on Iran.
However, both the IRGC and Netanyahu said they would respond forcefully and immediately if attacked.
The clash was quickly contained after Trump told the Financial Times (FT) in a phone interview the previous day that Netanyahu had no choice but to end the war.
In a post on his social media platform Truth Social, Trump said Israel and Iran were "seeking an immediate ceasefire" and that talks between the U.S. and Iran were also "under way."
The renewed fighting between Iran and Israel, which resumed two months after the April ceasefire, was initiated by Iran. It fired several missiles at Israel in retaliation for Israel's airstrike on a building in southern Beirut, a Hezbollah stronghold.
Israel said it carried out a "massive airstrike" on Iran's "strategic defense system." It also attacked some petrochemical facilities in southern Sahyar.
Iranian state television reported explosions in Tehran, Tabriz, and Isfahan, warning that the war could resume.
But under Trump's pressure, the confrontation did not last long.
In a statement, Netanyahu said, "At this point, airstrikes on Iran have been halted," adding, "We have already struck the Tehran terror regime, and because Iran has stopped attacking us." He added that Israel would retaliate if Iran resumed attacks.
Oil prices plunged after the two sides declared a sudden ceasefire. Brent Crude Oil, which had risen above $98 a barrel earlier in the day, later fell to around $95.


dympna@fnnews.com Song Kyung-jae Reporter