US and Iran Agree to Two-Week Ceasefire and Strait of Hormuz Reopening

The United States and Iran agreed to a conditional two-week ceasefire that included reopening the Strait of Hormuz.

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Axios

The announcement came hours before Trump’s deadline to launch massive strikes.

BBC

Iranian Foreign Minister Araghchi confirmed Tehran's acceptance of the ceasefire.

Speaker of Iran's Parliament Ghalibaf accused the U.S. of violating the ceasefire within a day.

Trump and Netanyahu insisted Israel's conflict with Hezbollah was not included in the deal.

Uncertainty surrounded whether the strait was truly open.

Iran planned to demand that ships pay tolls to pass through, a condition Trump said he would not accept.

CNBC

The strait closure immediately threatened 20% of global oil shipments.

The Guardian noted Iran and Oman planned to charge a fee of up to $2 million per ship.

Global markets responded positively at first.

“Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the U”

CNBC

Oil prices plunged 15% before stabilizing around $96 a barrel.

Stock markets surged worldwide.

Vice President Vance was set to lead peace talks in Pakistan.

Trump framed Iran's 10-point peace proposal as a workable basis.

Skepticism about the ceasefire's durability was widespread.

Fareed Zakaria called the deal very fragile owing to deep historical distrust.

Forbes

Iranian officials disputed key aspects of the agreement.

The UN Security Council was scheduled to meet at Lebanon's request.