foreign-policy
US and Iran Agree to Two-Week Ceasefire Hours Before Trump's Deadline
The US and Iran agreed to a two-week ceasefire on Tuesday evening, barely an hour before President Trump's self-imposed deadline to destroy Iran's infrastructure. The agreement includes Iran reopening the Strait of Hormuz for safe passage and Trump calling Iran's 10-point peace plan a "workable basis" for negotiations. Pakistan brokered the last-minute deal after diplomatic intervention, with talks scheduled to continue in Pakistan on Friday.
Feb 28Trump announced "major combat operations" against Iran with joint US-Israeli strikes
Apr 7Trump set deadline for Iran to surrender or face destruction of infrastructure
Apr 7 eveningPakistan-brokered ceasefire agreement reached one hour before deadline
Apr 8Ceasefire takes effect, Iran begins reopening Strait of Hormuz
Apr 11Scheduled peace talks in Pakistan
Why It Matters
The ceasefire halts what had escalated into a direct US-Iran war that began over a month ago with coordinated US-Israeli strikes. Oil prices plunged by as much as 15% with Brent crude dropping to $93 per barrel as the Strait of Hormuz - through which 20% of global oil passes - reopens under Iranian management. Stock markets are rallying globally as the immediate threat of wider regional conflict recedes, though the truce affects only US-Iran hostilities and does not include Israeli operations in Lebanon.
What's Next
Confidencehigh
Agreementmixed