MOSCOW, April 8 (Reuters) - The Kremlin on Wednesday welcomed a two-week ceasefire agreed between the United States and Iran, and said Russia hopes that the U.S. will now have the time and scope to resume three-way peace talks on Ukraine.

The Strait of Hormuz remains effectively closed to most commercial shipping traffic due to Iran's threats and despite an ongoing U.S. military blockade of Iranian ports aimed at forcing a reopening. The tanker gridlock is keeping global oil and gas prices high, and keeping pressure on all parties to the conflict to find a solution.

Over a month since the war between the US-Israel and Iran began, with an attack on Tehran on February 28, Israel has revealed what the war has cost the country.According to a preliminary estimate, Israel's Finance Ministry said that the war

Iran’s nuclear program and the Strait of Hormuz are main sticking points. Meanwhile, Israel and Lebanon will hold their first direct talks in 40 years. Follow for live news updates.

Pakistan said it expected to host a second round of negotiations between the U.S. and Iran to end the war, but did not say when or where the meetings would take place.

President Volodymyr Zelenskiy criticised Russia for answering his offer of an Easter truce with airstrikes on Wednesday but he praised as “positive” fresh talks with U.S. mediators aimed at resolving the four-year conflict.

President Donald Trump said the US Navy will start preventing ships from passing through the Strait of Hormuz, after US-Iran peace talks ended without agreement.