Tehran has agreed to temporarily reopen the Strait of Hormuz, through which much of the world’s oil, gas and fertiliser passes, easing concerns for the battered global economy.

The announcement came shortly before a deadline set by US President Donald Trump, who had threatened to obliterate Iran if it did not negotiate.

Trump told AFP on Tuesday he believed China, which has sought to mediate in the conflict since its outbreak, had a hand in bringing Iran to the negotiating table.

“China welcomes relevant parties announcing the reaching of a ceasefire agreement,” foreign ministry spokeswoman Mao Ning told a regular news conference on Wednesday, without addressing Trump’s comments directly.

“We have repeatedly introduced the efforts made by China,” she said, noting that foreign minister Wang Yi had held 26 calls with counterparts from relevant countries while Beijing’s Middle East envoy had “shuttled across” the war-torn region.

Beijing would “continue to make efforts to ease the situation and achieve a complete end to the war”.

Under the ceasefire, the US will suspend attacks on Iran for two weeks, while Tehran in turn temporarily reopens the Strait of Hormuz, according to Washington.

Israel has said it supported Trump’s decision to suspend his bombing of Iran but maintained the ceasefire “does not include Lebanon”.

Meanwhile, Iran has proposed a 10-point plan for securing an end to the war, which Trump said was “workable”.