A US-brokered ceasefire between Israel and Iran was announced on 24 June, aiming to end 12 days of hostilities sparked by Israeli strikes on Iranian nuclear sites. Both sides agreed to the truce, but violations occurred within hours. President Trump publicly rebuked both nations, urging restraint and highlighting the ceasefire's role in stabilising oil markets. The ceasefire led to a 6.1% drop in oil prices to $67.13 per barrel, easing inflation concerns. US equity markets rallied on the news, with the S&P 500 and Nasdaq both gaining over 1% as investors welcomed reduced geopolitical risk and lower energy prices. Since, the ceasefire has held with markets broadly welcoming the relative calm, with it largely being viewed as a big political achievement for President Trump. Unless there are any immediate re-escalations it is likely to be put to the back of investors' minds for now.