Overview
- President Trump said he would suspend attacks on Iran for two weeks in a Truth Social post, and Iran’s Supreme National Security Council accepted the pause.
- Pakistan was reported as the mediator of the deal, with follow-up talks expected in Islamabad according to the Institute for the Study of War.
- Trump made the truce conditional on Iran reopening the Strait of Hormuz, and Iranian officials said the pause does not end the conflict.
- Bitcoin jumped as high as about $72,700, oil fell more than 20%, and U.S. stock futures rose, with Nasdaq futures up around 3.5% and the Dow up about 1,000 points.
- Caution lingered despite the bounce, with the Crypto Fear & Greed Index at an ‘Extreme Fear’ reading of 11, and any setback on talks or shipping could quickly reverse the rally because the strait is a key route for global oil flows.