A significant development has emerged regarding the situation in Iran. According to Reuters on the 6th, citing a source, a ceasefire agreement between the US and Iran may take effect on the 6th. It is reported that Pakistan has drafted a framework proposal to end the conflict. The plan suggests an immediate ceasefire and the reopening of the Strait of Hormuz first, followed by reaching a final agreement within 15 to 20 days.
A senior Iranian government official stated that they have received the latest ceasefire proposal from the mediating party, Pakistan, and are currently reviewing its contents. The official emphasized that Iran will not reopen the Strait of Hormuz in exchange for a "temporary ceasefire."
Potentially influenced by this series of news, US stock futures expanded their gains. At the time of writing, Nasdaq 100 futures rose by 0.81%, S&P 500 futures increased by 0.53%, and Dow Jones futures advanced by 0.32%. Additionally, India's NIFTY index was up 0.8%, after having fallen by 0.8% earlier.
Ahead of the US market open, memory chip stocks collectively moved higher. As of 16:00, Micron Technology and SanDisk rose over 3%, Western Digital gained more than 2.5%, and Seagate Technology increased by 1.83%. Major technology stocks also saw broad gains, with Tesla up 1.51%, Microsoft and Meta rising over 0.60%, and Google increasing by 0.75%.
In contrast, international oil prices experienced a sharp decline. WTI crude oil fell by 2% intraday, currently quoted at $109.3 per barrel, after having risen over 3.5% earlier.
According to a report by Xinhua News Agency, Reuters cited a source on the 6th local time stating that the US and Iran have received a proposal regarding a ceasefire agreement, which could become effective on the 6th.
The source indicated that Pakistan has prepared a framework plan to end the conflict and has communicated with both the US and Iran. The plan proposes achieving an immediate ceasefire and reopening the Strait of Hormuz first, followed by finalizing a comprehensive agreement within 15 to 20 days. The final agreement is expected to include Iran's commitment not to pursue nuclear weapons in exchange for the lifting of sanctions and the unfreezing of assets.
Separately, according to a report from China Central Television on the 6th local time, a source revealed that Iran and the US have received a plan to end hostilities and implement an immediate ceasefire.
The source stated that Pakistan has developed a framework for ending hostilities and has exchanged views with Iran and the US. The framework outlines a two-step strategy: an immediate ceasefire followed by a comprehensive agreement.
Reports indicated that Pakistan's Army Chief, General Asim Munir, engaged in overnight discussions with US Vice President Vance, US Presidential Envoy Witkof, and Iranian Foreign Minister Araghchi.
According to the proposal, the ceasefire would take effect immediately, the Strait of Hormuz would be reopened, and a period of 15 to 20 days would be allocated to finalize a broader solution. The agreement, tentatively named the "Islamabad Accord," is set for final face-to-face negotiations in Islamabad. Sources revealed that the final agreement is anticipated to include Iran's pledge not to develop nuclear weapons in return for the removal of sanctions and the release of frozen assets.
Iranian officials had previously stated that Tehran is seeking a permanent ceasefire agreement and guarantees that Iran will not be attacked again by the US and Israel.
A small number of oil tankers and cargo ships have been transiting the Strait of Hormuz. Multiple media outlets recently reported that a limited number of vessels have passed through the strait.
Xinhua cited a Reuters report on the 5th stating that an oil tanker carrying Iraqi crude had passed through the Strait of Hormuz and is scheduled to discharge its cargo at a port in Malaysia in mid-April. The media outlet, citing unnamed sources, reported that Iranian authorities have permitted several vessels associated with Malaysia to transit the strait. Previously, Al Jazeera reported that Iran stated it would allow Iraq unrestricted use of the Strait of Hormuz.
Furthermore, Reuters reported in an article that Iraq's State Organization for Marketing of Oil has requested its customers to submit their crude oil loading schedules as soon as possible.
The British Broadcasting Corporation reported on the 4th that a large container ship belonging to French shipping group CMA CGM had also passed through the Strait of Hormuz. Shipping analysis firm Kpler stated this was the first vessel owned by a major Western European shipping company to traverse the strait since the outbreak of hostilities involving the US, Israel, and Iran. Additionally, Japanese firm Mitsui O.S.K. Lines stated that one of its liquefied natural gas carriers had passed through the Strait of Hormuz earlier.
On the 6th, informed officials from South Korea stated that the ruling Democratic Party and the government had reached an agreement to send special envoys to Saudi Arabia, Oman, and Algeria to explore new channels for crude oil imports.
Ahn Doo-jung, a lawmaker from the Democratic Party, told Yonhap News Agency on the 6th that party legislators and government officials discussed finding new sources of crude oil imports during a meeting at the National Assembly to compensate for the shortfall caused by disruptions to shipping through the Strait of Hormuz.
South Korea is highly dependent on energy imports, with approximately 70% of its crude oil coming from the Middle East, over 95% of which is transported via the Strait of Hormuz. Ahn stated that South Korea is contacting and negotiating with oil-producing countries that do not export via the Strait of Hormuz. Additionally, South Korea plans to dispatch five vessels flying the South Korean flag to the Red Sea port of Yanbu in Saudi Arabia for oil transportation.
The US and Israel launched military strikes against Iran starting February 28th, severely impacting international energy supplies and causing energy prices to surge. Since early March, the South Korean government has successively escalated its resource security crisis alert level, raising it to level three on April 2nd. The highest level in this alert system is level four. South Korean President Lee Jae-myung stated on the 2nd that, affected by the Middle East situation, the South Korean economy is currently in a "state of wartime." On the 5th, Lee Jae-myung expressed that the government would utilize all available policy measures to prevent the current crisis from escalating into a larger one.
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