US-Iran ceasefire aims to reopen Hormuz as G7 kicks off, markets cautious

US and Iran announced a ceasefire ending hostilities and reopening the Strait of Hormuz, with a Geneva signing planned for Friday; Washington said it would lift its blockade of Iranian ports and Hormuz would reopen, while Iran said 60-day nuclear talks would begin after frozen funds are released—a claim the US disputes. Oil prices slid to multi-month lows on the news, though analysts warn this is a fragile reprieve, not a return to normal, given unresolved issues like Iran’s nuclear program, missiles, and proxies. Reactions were mixed: the EU, Pakistan, and Qatar welcomed the move, Israel and Lebanon tensions linger, and the signing coincides with the G7 summit in France, shaping a cautious path ahead for a lasting settlement.