War in the Middle East: latest developments

China, the European Union, Pope Leo and other major countries and groups welcomed the accord for a two-week ceasefire announced barely an hour before US President Donald Trump's deadline to obliterate Iran, which has agreed to temporarily reopen the Strait of Hormuz.

Turkey said both sides now had to stick to the agreement, while Spain said it was "unacceptable" for Israel to maintain its attacks in Lebanon.

Egyptian foreign minister Badr Abdelatty spoke with US envoy Steve Witkoff and "expressed his deep appreciation for this important American step to give diplomacy a chance and start a serious process of American-Iranian negotiations," the Egyptian foreign ministry said.

- 'Political disaster'  -

Israel's opposition leaders criticised the ceasefire with Iran, accusing Prime Minister Benjamin Netanyahu of failing to achieve the war's objectives.

"There has never been a political disaster like this in our entire history. Israel was not even close to the table when decisions were made concerning the core of our national security," the country's main opposition leader Yair Lapid wrote on X.

- Oil drops, stocks soar - 

Oil prices plunged while stocks soared after the announcement of the two-week US-Iran ceasefire.

The news pushed down crude prices, with West Texas Intermediate losing almost 20 percent and Brent as much as 16 percent. 

Global equities rocketed on hopes for an end to the crisis that has jolted the global economy. Tokyo shares rose 5.4 percent. London, Paris and Frankfurt extended the global rally, while US futures soared. The ceasefire also led to a sharp drop in the dollar, which had become a safe-haven while the war raged, with the yen, euro and pound all strengthening.

- Iran attacks halted -

Israel's military said it had halted its attacks on Iran after completing overnight strikes, but emphasised it remained ready to respond to any violation of the ceasefire.

"In accordance with directives from the political leadership, the IDF has ceased fire in the campaign against Iran and remains on high alert in defence, ready to respond to any violation," the military said in a statement

Israel renewed its strikes on southern Lebanon on Wednesday however, Lebanese state media reported, after the Israeli military warned residents of Tyre and the southern suburbs of Beirut to evacuate.

- Abhu Dhabi strike -

Abu Dhabi authorities said that falling debris following an interception had injured three people and caused fires that halted production at a gas complex in the emirate. 

The government media office said the "suspended" operations at Habshan gas-processing facility "was caused by falling debris, following a successful interception by air defence systems, resulting in multiple fires and minor injuries to two Emiratis and one Indian national". 

The interception of an Iranian drone in Bahrain left two people injured, the Gulf state's interior ministry said hours after the ceasefire was announced.

- Iraq reopens airspace -

Iraq's civil aviation authority said it was reopening the country's airspace on Wednesday following the announcement of the US-Iran ceasefire.

- Starmer to Gulf - 

British Prime Minister Keir Starmer will travel to the Gulf on Wednesday to meet with regional leaders in an effort to bolster the Middle East ceasefire, his office announced.

- Talks Friday - 

Pakistan's Prime Minister Shehbaz Sharif wrote on X that Islamabad would host delegations from the United States and Iran on Friday "to further negotiate for a conclusive agreement to settle all disputes".

- Traffic in Hormuz strait -

US President Donald Trump said the United States would help with the ship traffic buildup in the Strait of Hormuz during the ceasefire.

"The United States of America will be helping with the traffic buildup in the Strait of Hormuz. There will be lots of positive action! Big money will be made. Iran can start the reconstruction process," Trump wrote on his Truth Social platform.

- Trump says China got Iran to negotiate -

Trump told AFP he believed China had helped get Iran to the negotiating table to agree a two-week ceasefire deal.

"I hear yes," Trump said in a telephone interview when asked if Beijing was involved in getting key ally Tehran to negotiate on a truce.

Trump told AFP that Iran's uranium would be "perfectly taken care of" under the two-week ceasefire with Tehran.

burs/tw/yad