Saudi Arabia has agreed to a ceasefire with Yemen's Ansar Allah group (Houthi) in four regions of Yemen, according to Western media reports published on Friday.
According to the Wall Street Journal, the agreement includes a ceasefire in the capital Sanaa, held by the Houthis. However, relevant sources have confirmed that the truce could possibly extend to cover other parts of the country, if sustainable.
The newspaper believe that the Houthi initiative could reassure Saudi Arabia and the US that the group is seeking to distance itself from Iran.
The economic agency, Bloomberg, have pointed out that oil prices fell by 1.5 per cent after the news broke regarding the new truce.