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FINWIRES

European Council Calls for Swift Progress to Lasting US-Iran Peace, Protect Civilians, Restore Energy Normalcy

-- The European Council, a body which comprises heads of state of each EU member country, said it welcomes the two-week ceasefire between the US and Iran, according to a statement on Wednesday.

Thanking Pakistan for facilitating the deal, it said the foes must now negotiate "a swift and lasting end" to the war through diplomatic means.

It encouraged "quick progress" in order to protect Iran's civilian population, restore security to the region and to "avert a severe global energy crisis".

The statement concluded by calling on all sides to implement the ceasefire, including in Iran and said that European governments would contribute "to ensuring freedom of navigation in the Strait of Hormuz."

Less than two days old, the ceasefire agreement has had a shaky start with vessels showing reluctance to exit the Strait of Hormuz amid a lack of trust in the Iranian authorities while Iran says Israeli attacks on Lebanon are "a grave violation" of the ceasefire deal.

While gas and oil futures contracts plunged upon the announcement of a ceasefire, prices were already rising again on Thursday, as a hoped-for normalization of energy flows has so far failed to materialize.

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