After nearly two weeks of rising clashes between Israel and Iran, former U.S. President Donald Trump has announced what he called a “complete and total” ceasefire between both countries. He made the declaration on Monday evening, saying the agreement would officially take effect within 24 hours. This announcement follows a chaotic period that saw the U.S. launching heavy airstrikes on Iranian nuclear sites, while Iran fired missiles at Al Udeid Air Base in Qatar, a location used by U.S. forces.

While Trump shows his confidence in the ceasefire deal, things on the ground suggest otherwise. Iranian officials quickly denied agreeing to any formal truce. Their foreign ministry did hint, however, that they might reduce military action; but only if Israel also holds back.

Israel, on the other hand, claimed they picked up fresh missile launches from Iranian territory shortly after the ceasefire was announced. In response, Israel reportedly prepared new airstrikes, though Iran denied any fresh attacks from their side.

International observers say the situation remains very fragile. There’s still no clear written agreement detailing how both sides will back down, especially concerning Iran’s nuclear activities, which was the cause of the dispute.

The news of the ceasefire brought quick reactions from the global economy. Oil prices dropped sharply, sliding more than 3% as traders relaxed over possible disruptions in the Middle East, especially around the vital Strait of Hormuz, a key route for global oil supplies. Stock markets also rallied. U.S. futures climbed nearly 1%, while Gulf country’s financial markets bounced back by up to 3%. European and Asian stocks posted gains as well, as investors bet on lower risks in the region. Meanwhile, gold prices and U.S. treasury yields dropped, and the dollar weakened, signaling that traders are betting central banks