AS IT HAPPENED: Trump agrees to two-week ceasefire with Iran after frantic peace talks; Iran says it will allow passage through Strait of Hormuz; Oil price tumbles; Iran's 10-point plan; Experts warn petrol rationing could be imminent

It has arguably been the most monumental day of the Middle East conflict since it began, with the US and Iran agreeing to a two-week ceasefire.

Here are the key events from today, April 8:

- The ceasefire, struck just hours before US President Donald Trump's deadline, will see the Strait of Hormuz reopened to international shipping traffic, though Iran will still charge ships to pass through. Despite this, the news of the key waterway reopening sent oil prices tumbling.

- Trump has claimed the ceasefire is a "massive victory" for the US, though some experts believe it will actually make Iran stronger than it was before the war.

- The ceasefire does not include southern Lebanon, despite initial reports, with Israel continuing to carry out fatal strikes against the region today.

- Many world leaders have welcomed the ceasefire, including Australian Prime Minister Anthony Albanese. However, Albanese criticised Trump's language towards Iran as "inappropriate", after the president threatened to wipe out Iranian civilisation.

- Despite the fall in crude oil prices from the Strait of Hormuz reopening, experts warn petrol prices around Australia may not drop straight away. This is because many petrol stations still have to sell fuel they purchased at record highs in recent weeks.

Israel's military issued an "urgent" evacuation warning to residents of the coastal Lebanese city of Tyre, despite photo evidence showing the city had already been hit today.

‏"To ensure your safety, evacuate your homes at once and move to the north of the Zahrani River," the Israel Defence Forces (IDF) Arabic spokesperson said in a post to Telegram.

The IDF said it was targeting Hezbollah in the area.

Meanwhile, an airstrike in the Sidon area of southern Lebanon killed eight people and wounded 22, according to Lebanon's health ministry.

Lebanon is not included in the ceasefire between the US, Israel and Iran, Israeli Prime Minister Benjamin Netanyahu's Office said earlier.

Jet fuel supplies are likely to remain tight for months even if Iran opens up the Strait of Hormuz quickly, the director general of the International Air Transport Association (IATA) said, according to a Reuters report.

Crude oil prices fell sharply on the announcement of the US-Iran ceasefire deal, which includes a plan to allow oil tankers through the strait.But neither the price drop or the opening of the waterway, through which 20 per cent of the world's oil supply flows, will mean immediate relief for the aviation industry, IATA chief Willie Walsh told reporters in Singapore.

"That's because refineries need to get back up to speed", Walsh said.

"If (the strait) were to reopen and remain open, I think it will still take a period of months to get back to where supply needs to be given the disruption to the refining capacity in the Middle East, which is a critical part of the global supply of refined products, and not just jet fuel for other products as well."

Since the US and Israel went to war with Iran in late February, the world has been confronted with a historic oil crisis, and the price of jet fuel has doubled.

Airlines have responded by raising fuel surcharges added to tickets and, in some cases, cancelling or scaling back services.

Economies in Asia, including key US allies, have been hit particularly hard by the oil crisis because they are especially dependent on energy imports from the Middle East.

Australia gets much of its oil from Asian countries, but they in turn get their oil from the Middle East.

Reported with CNN.

British Prime Minister Sir Keir Starmer is the latest world leader to welcome the news of a ceasefire in the Middle East.

"I welcome the ceasefire agreement reached overnight, which will bring a moment of relief to the region and the world," he said in a post on X.

"Together with our partners we must do all we can to support and sustain this ceasefire, turn it into a lasting agreement and re-open the Strait of Hormuz."

US President Donald Trump had previously critcisied Starmer and the UK for not offering more support in the US' military operations in the region.

Israel hit parts of southern Lebanon, with many of the strikes targeting areas near the coastal city of Tyre, Lebanon's state-run National News Agency reported.

A residential building was struck at dawn, killing four people in Tyre, where a drone strike targeted a car, although it was unclear who the intended target was in the vehicle.

Elsewhere, Israel hit a post of the Islamic Health Committee paramedics, one of various social programs operated by militant group Hezbollah, NNA reported.

Israeli Prime Minister Netanyahu said Lebanon and Israel continue to trade fire because Lebanon is not part of the two-week ceasefire agreed by Washington and Tehran.

The statement contradicted information released by Pakistan, which served as a mediator for the agreement.

Hezbollah has not issued a statement on the developments.

Israel's opposition leader Yair Lapid has called the US-Israeli ceasefire with Iran a "political disaster" on a level never seen before in the country's history.

"Israel wasn't even at the table when decisions were made concerning the core of our national security," he said in a post on X.

"The military carried out everything that was asked of it, the public demonstrated amazing resilience, but Netanyahu failed politically, failed strategically, and didn't meet a single one of the goals that he himself set."

He claimed it would take years to fix the damage from Netanyahu's decisions, accusing him of being "arrogant" and "negligent".

Shipping data shows little movement in the Strait of Hormuz more than six hours after the US and Iran announced a ceasefire.

One analyst warned that vessels and insurers would need to see further positive signs before resuming traffic through the vital waterway.

"The ceasefire is a necessary first step, but it does not mean commercial shipping immediately normalises through the international traffic lanes in the Strait," said Charlie Brown, Senior Advisor of Dark Fleet Tracking at United Against Iran and a former US Navy officer.

"Shipowners are still waiting for authoritative guidance from naval security channels, flag states, and, critically, marine war-risk insurers before sending vessels back into the strait.

"The real signal to watch is the 'first movers', the earliest vessels willing to test the route. If those transits are completed safely, confidence will build quickly and the broader watch-and-wait cohort will follow."

Iran has attacked at least 19 vessels near the Strait of Hormuz, linking the Persian Gulf to the Gulf of Oman, since the start of the war. The more than six-week blockage of the waterway has choked crude supplies to the rest of the world and tanked global markets.

Lebanon's Crisis Management Unit has urged displaced people not to travel south following the US-Iran ceasefire agreement.

The unit's statement came as many displaced people packed their belongings and started moving south, thinking the agreement also included Lebanon, where Israel and the Hezbollah militant group are at war.

Pakistan, which mediated the agreement, said the two-week cessation of hostilities agreement included Lebanon, but Israeli Prime Minister Benjamin Netanyahu said it did not.

Hezbollah did not immediately comment.

More than 1 million people in Lebanon have been displaced in just over a month.

US President Donald Trump said his country will help ease the "traffic buildup" in the Strait of Hormuz, claiming the Middle East could be in the midst of a "golden age".

"The United States of America will be helping with the traffic buildup in the Strait of Hormuz," he said in a post on Truth Social just after midnight US time.

"There will be lots of positive action! Big money will be made."Iran can start the reconstruction process. We'll be loading up with supplies of all kinds, and just "hangin' around" in order to make sure that everything goes well."

He was confident of success after the United States and Iran agreed to an 11th-hour, two-week ceasefire to all hostilities, which allowed the Strait of Hormuz to reopen to international shipping traffic.

"Just like we are experiencing in the U.S., this could be the Golden Age of the Middle East!!!" his post concluded.

Students across multiple Iranian universities have penned an open letter calling on the IRGC and the Islamic Republic to surrender, whilst also condemning US strikes on a campus.

The statement, written by students from more than 10 Iranian universities, said that the regime has been rejected for years.

Students also condemned the bombing of a university by the US government.

"On the morning of the 17th of Farvardin, the south of Sharif Industrial University came under attack.

"These were not strongholds. These were laboratories, they were classrooms, they were the home of the Iranian mind; Built by Iranian engineers, irrigated with the best years of this nation's youth.

"We condemn this criminal attack by America on the heart of Iran's science and technology in the strongest possible terms.

"Today, the Internet shutdown in Iran has reached its 38th day.

"The longest communication shutdown in the history of the world. Not in a medieval country; in Iran, a country that preaches "scientific jihad."In a country where the Internet is down for 85 million people, it has been down for 38 days."