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Ceasefire Announced
Trump announced a conditional two-week ceasefire with Iran hours before his own bombing deadline.
“President Trump announced the United States has agreed to a two-week ceasefire with Iran, brokered by Pakistan”
The agreement is contingent on Iran fully reopening the Strait of Hormuz.
Trump posted on Truth Social that he agreed to suspend bombing subject to Iran agreeing to the complete, immediate, and safe opening of the strait.
The two-week window is intended to allow negotiators to work toward a larger agreement.
Pakistani Prime Minister Shehbaz Sharif had called on both sides to pause hostilities.
Trump announced the deal less than twelve hours after threatening a whole civilization would die.
Conflicting Interpretations
Confusion and rapid escalations marked the opening hours of the ceasefire.
Iran's IRGC claimed shipping stopped following an Israeli ceasefire violation in Lebanon.
Israel continued striking Lebanon with at least 254 killed.
Trump and Netanyahu indicated Lebanon was not included, contradicting Pakistan.
The New York Times described the ceasefire as being tested by uncertainty.
Economic and Human Impact
The ceasefire had an immediate effect on global markets with the S&P 500 leaping 2.5%.
“The S&P 500 leaped 2.5% after Trump announced a two-week ceasefire with Iran”
Oil prices plunged more than 15% to about $92 a barrel before climbing back.
The Strait of Hormuz handles about 20% of the world's oil and gas exports.
Over 1,500 people had been killed in Lebanon by the time of the ceasefire.
The U.S.-based rights group HRANA put the total killed in the Iran conflict at almost 3,400.