Two-week ceasefire takes effect as US and Iran prepare for talks in Pakistan
The United States and Iran commenced a two-week ceasefire on Wednesday, halting a five-week escalatory conflict. President Donald Trump announced the "double-sided ceasefire" approximately 90 minutes before a self-imposed 8 p.m. ET deadline. Shortly thereafter, Iran's state-run channel IRIB broadcast instructions from the Supreme Leader ordering all military units to cease fire.
President Trump hailed the deal as a "total and complete victory," emphasizing that the arrangement was contingent upon the reopening of the Strait of Hormuz. Iranian President Masoud Pezeshkian stated that the "general principles" desired by Tehran were accepted. Vice President JD Vance described the agreement as a "fragile truce." Oil prices plummeted by over 13% on the news.
Iran's Foreign Ministry confirmed it would coordinate the reopening of the Strait of Hormuz. Hundreds of ships, including 426 tankers, remain backlogged. British Prime Minister Sir Keir Starmer welcomed the agreement as a "moment of relief" as he traveled to the Gulf to meet with regional leaders and UK military personnel.
Quick Summary
The United States and Iran have agreed to a ceasefire after weeks of escalating conflict that sent shockwaves through the global economy. The pause hinges on the Strait of Hormuz - but many questions remain about maritime security.
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