U.S. and Iran agree to 2-week ceasefire

The U.S. and Iran reached a ceasefire deal on Tuesday, less than two hours before the deadline President Trump imposed for Iran to meet his demands or else face wide-scale destruction.

As part of the agreement, set to take effect immediately, Trump said the U.S. and Israel would suspend bombing Iran for two weeks, subject to Iran following through on its commitment to reopen the Strait of Hormuz for safe passage during the ceasefire period, a strategic waterway through which about 20% of the world’s oil supplies passes.

Oil prices plunged and stocks surged at the announcement of a pause in fighting, with Brent crude oil dropping to $94.74, or by over 13 %.

In the early hours of the ceasefire, Israel disputed that the deal included a pause of its attacks on Iran-backed Hezbollah in Lebanon.

The negotiations — facilitated by Pakistan — mark a breathtaking comedown from Trump’s pledge made early Tuesday that a “whole civilization will die tonight, never to be brought back again” if a deal could not be reached by 8 p.m. ET to open the strait.

In announcing the deal, Trump wrote on his social media platform: “This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East.”

Trump added that Iran has proposed a “workable” 10-point peace plan that includes what he described as “points of past contention,” which “have been agreed to between the United States and Iran.” The extra time, he said, will allow the agreement to be finalized.

Iran’s plan, as published by the Iranian Mehr news agency, consists of a set of conditions that Iran claims the U.S. administration has accepted. They include Iran’s control over the Strait of Hormuz, acceptance of its nuclear enrichment, the withdrawal of all U.S. combat forces from the region, the lifting of all sanctions and U.N. resolutions against Iran, compensation of damages to Iran as well as cessation of war in all fronts, including in Lebanon.

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