A top Emirati official said Wednesday that his country had emerged victorious from the US-Iran war after the two nations announced a two-week truce.

“The UAE emerged victorious from a war we sincerely sought to avoid,” presidential adviser Anwar Gargash said in a post on X.

“Today, we are poised to navigate a complex regional landscape with greater resources, deeper understanding, and a more robust capacity to influence and shape the future,” he added.

The statement came as Washington and Tehran agreed to a temporary ceasefire just an hour before President Donald Trump’s Wednesday deadline to launch a large-scale strike on Iran. Under the truce, Iran will reopen the strategically vital Strait of Hormuz, a key global oil route, for a two-week period.

Both nations claimed victory in the month-long conflict, which has disrupted global financial markets and sent oil prices soaring. Trump told AFP that the deal represented a “total and complete victory” for the United States. Iran, meanwhile, framed the ceasefire as a triumph, announcing plans to begin talks with Washington on Friday in Pakistan to seek a lasting resolution.

“The enemy has suffered an undeniable, historic, and crushing defeat in its cowardly, illegal, and criminal war against the Iranian nation,” said a statement from Iran’s Supreme National Security Council. “Iran achieved a great victory,” it added.

The White House confirmed that Israel had also agreed to the ceasefire, but Prime Minister Benjamin Netanyahu stated that the agreement does not include Lebanon, where Israeli strikes in response to rocket fire from Iranian-backed groups have reportedly killed more than 1,500 people, according to Lebanese authorities.

Trump had set a strict deadline for Iran to reopen the Strait of Hormuz – 3:30 a.m. Tehran time – threatening military action if the deadline was not met. Iranian Foreign Minister Abbas Araghchi confirmed safe passage for ships through the strait, which handles roughly one-fifth of the world’s oil, in a move signaling a temporary de-escalation.

“If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations,” Araghchi said.

The ceasefire announcement immediately impacted global energy markets, with oil prices dropping more than 17 percent. Costs at the pump, which had surged worldwide since the onset of the conflict on February 28, had placed significant political pressure on President Trump and heightened global economic concerns.