Global oil prices have fallen sharply and stock markets have jumped after US and Iran agreed to a conditional two-week ceasefire deal. The price of benchmark Brent crude dropped below 100 US dollars, falling by about 15.9 percent to 92.30 US dollars a barrel, while US-traded oil was almost 16.5 percent lower at 93.80 US dollars.

According to media reports, the US administration is now preparing for direct talks with Iran. The US delegation will likely be led by Vice President JD Vance.

The objective is to finalise a framework for a long-term agreement. White House Press Secretary Karoline Leavitt acknowledged that discussions for face-to-face talks are underway. She clarified that the final announcement will come from the President or the White House.