Breaking: US and Iran Reach 60-Day Ceasefire; Crude Oil Plunges at Open; PET Down 400, ABS Plunges 500; Plastic Spot Market Slumps！

A major announcement has rocked global markets. According to Xinhua News Agency, CCTV News and other authoritative sources, the United States and Iran have reached a framework memorandum of understanding (MoU) on maritime traffic through the Strait of Hormuz and bilateral de-escalation. A 60-day temporary agreement has been finalized, marking a critical turning point for tensions along the world’s energy lifeline.

The 60-day MoU (renewable by mutual consultation) features clear, reciprocal terms addressing core concerns of both sides:

1. Full reopening of the Strait of Hormuz: Iran pledged to remove naval mines laid in the strait within 72 hours, guarantee free and unobstructed passage for commercial and oil tankers at no cost, and restore pre-conflict shipping volumes within 30 days.
2. US lifting of blockades and partial sanctions: The US will lift its blockade of Iranian ports, suspend oil export-related sanction waivers, and allow Iran to sell oil freely on the global market; it will also unfreeze Iranian frozen overseas assets in phases (an initial tranche of approximately $12 billion).
3. Comprehensive ceasefire: The US, Iran and their respective allies committed to halting all military operations within 24 hours, including conflicts on the Lebanese front, and will not launch offensive attacks against each other’s or their allies’ infrastructure.
4. Nuclear issue for future negotiations: Iran pledged not to pursue nuclear weapons. Both sides agreed to launch specialized talks within 60 days on suspending uranium enrichment and disposing of high-enriched uranium stockpiles. Core disagreements are excluded from the temporary deal for now.         

The Strait of Hormuz carries more than 30% of global seaborne oil trade. Previously, due to US-Iran confrontation, Iran repeatedly threatened to block the waterway, triggering sharp volatility in international oil prices and straining the global energy supply chain.

The positive signal from US-Iran negotiations sent oil prices sharply lower in early trading on Wednesday. US crude oil dropped 5.46%. Brent crude fell below $100 per barrel for the first time since May 8, down 4.76% to $98.61.