US-Iran Deal Extends Ceasefire by 60 Days and Reopens Strait

The US-Iran agreement extends a ceasefire by 60 days and includes provisions to reopen the Strait of Hormuz. This decision is significant for global oil supply and market stability. The Strait is a crucial transit route for approximately 20% of the world's oil supply. Renewed nuclear negotiations are also part of the agreement, which may impact geopolitical relations and market confidence.