Overview
- The ceasefire, announced Tuesday with Pakistan’s mediation, pauses attacks for two weeks after weeks of U.S.-Israeli strikes and Iranian reprisals.
- Iran agreed to allow safe passage through the Strait of Hormuz for 14 days under coordination with its armed forces, a move that eased oil prices as traders saw shipping lanes reopen.
- U.S. and Iranian delegations are set to meet in Islamabad on Friday under Pakistani facilitation to seek terms for a longer agreement.
- Israel supports the pause yet says it does not extend to its fight with Hezbollah in Lebanon, while Pakistan says Lebanon is covered, leaving the truce’s scope in dispute.
- Big gaps remain as Tehran’s leaked 10-point plan seeks sanctions relief, recognition of uranium enrichment and compensation, while past U.S. proposals pushed to end enrichment and curb missiles.