Stock markets surge following Iran ceasefire announcement, with world leaders welcoming very good news: Live updates

Stock markets have surged after Donald Trump announced an 11th hour ceasefire with Iran.

Last night, just a few hours before Trumps deadline for Iran to agree to reopen the Strait of Hormuz, the US president said via Truth Social that he had agreed to suspend the bombing and attack of Iran for a period of two weeks, after earlier sparking doomsday fears when he threatened to wipe out its entire civilisation.

In a later post, the US President hailed a big day for world peace after agreeing to pause the attacks.

Iran accepted the Pakistan-brokered deal after a last-minute Chinese intervention urged Tehran to show flexibility over the wars economic fallout, three Iranian officials told the New York Times.

Global markets and world leaders have reacted positively to the news.

In Europe, Frankfurt surged a massive 5% at the opening of the market. Meanwhile, the FTSE 100 has risen by 2.55% since opening just a few minutes ago. Over in Asia, Japans Nikkei index closed up more than 5% and South Koreas Kospi nearly 7% on Wednesday.

Meanwhile, Frances Emmanuel Macron this morning said the deal was a very good thing.

07:25

World praise 'very good' news of ceasefire

The world has begun praising the US-Iran ceasefire. France's Emmanuel Macron this morning said the deal was a 'very good thing'.

Meanwhile, Egypt's foreign ministry hailed the US for 'giving diplomacy a chance' on Iran.

07:23

Stock markets surge following overnight Iran ceasefire announcement

Stock markets around the world have rallied following Donald Trump's 11th hour ceasefire announcement.

In Europe, Frankfurt surged a massive 5% at the opening of the market. Meanwhile, the FTSE 100 has risen by 2.55% since opening just a few minutes ago.

Over in Asia, Japan's Nikkei index closed up more than 5% and South Korea's Kospi nearly 7% on Wednesday

07:57

German chancellor calls for 'lasting end to war'

German chancellor Friedrich Merz has called for the belligerents of the war in the Middle East to 'negotiate a lasting end to the war.'

Merz said that while he welcomed the two-week ceasefire, a permanent resolution to the war would need 'close coordination' with partners.

He wrote in a statement this morning: 'I welcome the two-week ceasefire agreed by the United States and Iran last night. We thank Pakistan for its mediation.

'The aim now is to negotiate a lasting end to the war. We are in close co-ordination with our partners on this matter.'

07:53

Spain FM: Humanity was 'perilously close' to disaster

Spanish foreign minister Jose Manuel Albares said the world was 'perilously close' to disaster after Trump threatened to wipe out Iran's 'entire civilisation.'

Albares told Spanish media that Trump's ultimatum to Iran was 'absolutely unacceptable for humankind.'

He added: 'When the leader of a military superpower makes such threats, I take them seriously.'

07:51

Vance and Iran parliament speaker expected in Pakistan on Friday for talks

US vice president JD Vance is set to join the speaker of Iran's parliament, Mohammad Bagher Ghalibaf, are expected to meet in Pakistan on Friday for talks.

The pair are set to meet in Islamabad, the capital of the mediating nation, to develop the dialogue between the nations.

07:49

EU foreign policy chief warns war's 'underlying causes... remain unresolved'

Kaja Kallas, the EU's foreign policy chief, today insisted that the 'underlying causes of the war remain unresolved', adding that there is much more work that needs to be done.

Kallas, who serves as the vice-president of the European Commission, said that while the two-week ceasefire created a 'much-needed chance to tone down threats... [the] oor to mediation must remain open.'

In a statement this morning, she said: 'The US-Iran agreement on a ceasefire is a step back from the brink after weeks of escalation.

'It creates a much-needed chance to tone down threats, stop missiles, restart shipping, and create space for diplomacy towards a lasting agreement.

'The Strait of Hormuz must be open for passage again. I spoke to Pakistani foreign minister Ishaq Dar and thanked him for securing this initial deal.

'The door to mediation must remain open, as the underlying causes of the war remain unresolved. The EU stands ready to support those efforts and is in touch with partners in the region. I will discuss this in Saudi Arabia today.'

07:43

UAE claims it 'triumphed' in war

An adviser to the president of the UAE said his nation 'triumphed' during the war in the Gulf, after coming under regular attacks from Iran.

Anwar Gargash said: 'We prevailed through an epic national defence that safeguarded sovereignty and dignity and protected our achievements in the face of treacherous aggression.

'Today, we move forward to manage a complex regional landscape with greater leverage, sharper insight, and a more solid capacity to influence and shape the future.'

The UAE said last night that since the outbreak of war, it has intercepted 2221 drones, 26 cruise missiles and 520 ballistic missiles sent by Iran.

07:40

Jet fuel supplies will take months to recover even with Hormuz reopening, says global airlines chief

The head of a global organisation representing airlines has warned that it will take months for jet fuel supplies to recover, even with the Strait of Hormuz opening up.

Mr Willie Walsh, director-general of the International Air Transport Association (IATA), said that while oil prices are likely to fall, jet fuel will remain high because many refineries have been affected.

He said: 'If it were to reopen and remain open, I think it will still take a period of months to get back to where supply needs to be, given the disruption to the refining capacity in the Middle East, which is a critical part of the global supply of refined products, and not just jet fuel for other products as well.'

07:34