Overview
- President Donald Trump announced the two-week truce on Tuesday just before his escalation deadline, with Pakistan mediating and inviting U.S. and Iranian delegations to meet in Islamabad on Friday.
- Iran said it will coordinate safe passage through the Strait of Hormuz for the two-week period, and Iran-aligned factions in Iraq declared a temporary halt to attacks in line with the pause.
- Israel backed the U.S. decision to suspend strikes on Iran but said the ceasefire does not cover Lebanon, as strikes in southern Lebanon were reported despite Pakistan’s claim the truce applies everywhere.
- Iran’s reported 10-point proposal includes sanctions relief, acceptance of uranium enrichment, U.S. troop withdrawals, compensation and protocols on Hormuz, though the White House has not confirmed agreement to those terms.
- Oil prices fell after the announcement and global leaders from the UN, EU and UK welcomed the step, yet the ceasefire remains fragile given disputes over its scope and the strait’s role as a chokepoint for about one-fifth of the world’s oil shipments.