The United States and Iran agreed to a temporary two-week ceasefire just moments before a deadline set by President Donald Trump for possible military escalation, easing fears of a broader regional conflict and reopening the crucial Strait of Hormuz.
The truce, announced late Tuesday, came after more than a month of hostilities that rattled global markets and drove oil prices sharply higher. Under the agreement, Iran will allow safe maritime passage through the Strait of Hormuz - through which roughly one-fifth of the world’s oil supply flows - for the duration of the ceasefire.
Both Washington and Tehran portrayed the outcome as a success. President Trump described the deal as a “total and complete victory” for the United States, while Iran’s Supreme National Security Council claimed the country had delivered a “historic and crushing defeat” to its adversaries.
Iran also signalled willingness to pursue diplomacy, confirming that talks with the United States are set to begin on Friday in Pakistan in an effort to reach a longer-term resolution.
The White House said Israel had agreed to the ceasefire terms, though Israeli Prime Minister Benjamin Netanyahu clarified that operations linked to Hezbollah in Lebanon would continue. The conflict had intensified earlier with Israeli strikes targeting Iranian infrastructure and leadership figures.
Trump said he delayed further military action following appeals from Pakistan’s leadership and suggested that China may have played a role in bringing Iran to the negotiating table.
Iranian Foreign Minister Abbas Araghchi confirmed that the country would halt its defensive operations provided attacks against Iran cease, while guaranteeing safe passage through the Strait during the truce period.
The announcement had an immediate impact on global markets. Oil prices dropped by over 17 per cent after surging during the conflict, while stock markets in Asia rose in early trading.
Despite the breakthrough, major issues remain unresolved. Trump said the US is making progress toward a broader agreement and described a 10-point proposal from Iran as “workable.” However, Iran’s publicly stated demands include lifting US sanctions, maintaining control over the Strait of Hormuz, and the withdrawal of US forces from the region.
A key sticking point remains Iran’s uranium enrichment programme. While Trump has warned that Iran was nearing nuclear weapons capability, a claim not supported by international watchdogs, Tehran insists on its right to continue enrichment. Trump said the issue would be addressed in any final deal but offered no specifics.
Tensions had escalated sharply ahead of the ceasefire deadline, with the United States and Israel launching strikes on Iranian infrastructure, including bridges and railways allegedly used by military forces. Iran responded with drone and missile attacks across the Gulf region, impacting countries hosting US military assets.
Civilian casualties were reported across multiple countries, including Iran, Qatar and Iraq, where a projectile strike killed two civilians, including a child.
The conflict has also heightened fears among ordinary citizens. Residents in Iran reported widespread anxiety, while state media showed civilians forming human chains to protect key facilities.
While the ceasefire has paused hostilities, uncertainty remains over whether a lasting agreement can be reached or if tensions will escalate again once the two-week truce expires.
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