After a blockade that lasted over a month, pushing fuel prices to the rooftop across the world, Iran has agreed to reopen the Strait of Hormuz under certain conditions.

The The Strait of Hormuz is a waterway between the Persian Gulf and the Gulf of Oman. On the north coast lies Iran, and on the south coast lies the Musandam Peninsula.

About 167 km, long, it is one of the world’s most strategically important choke points as 20% of the world’s liquefied natural gas (LNG) and 25% of seaborne oil trade pass through the strait annually.

Following a temporary peace deal brokered by Pakistani Prime Minister Shehbaz Sharif, Iran agreed that, “For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations.”

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Foreign Minister Abbas Araghchi announced this in a statement issued after Trump accepted a two-week ceasefire.

Trump had earlier announced a deadline of midnight GMT Tuesday for Iran to end its de facto closing of the Strait of Hormuz, threatening that a whole civilisation might be wiped off if that did not happen.

But the Iranian Foreign Minister said his country agreed to “suspend defensive operations” on the premise that attacks by the United States and Israel would be halted.

“If attacks against Iran are halted, our powerful armed forces will cease their defensive operations.”

Iran’s Supreme National Security Council said the end of the war would depend on the US accepting the demands outlined in its 10-point plan.

“It is emphasised that this(ceasefire agreement) does not mean the end of the war, and Iran will only accept the end of the war when, in addition to accepting the principles outlined in the 10-point plan, the details are finalised in negotiations,” the security council said.

On his part, Trump posted on Social Media, “Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks.”

“This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East. We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate. Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated. On behalf of the United States of America, as President, and also representing the Countries of the Middle East, it is an Honor to have this Longterm problem close to resolution. Thank you for your attention to this matter! President DONALD J. TRUMP.”

As of the time of this report, Israel, which has fought alongside Iran since the war began on February 28, had not commented on the deal.

But Pakistan’s Prime Minister declared that the ceasefire is effective immediately.

“With the greatest humility, I am pleased to announce that the Islamic Republic of Iran and the United States of America, along with their allies, have agreed to an immediate ceasefire everywhere including Lebanon and elsewhere, EFFECTIVE IMMEDIATELY.”