The United States and Iran have agreed to a two-week ceasefire in exchange for the reopening of the Strait of Hormuz, just over an hour before the expiration of Donald Trump’s ultimatum threatening to destroy the Islamic Republic.
After more than five weeks of Israeli-American strikes on Iran, Tehran announced early Wednesday that talks with Washington will begin on Friday. These discussions will take place in Pakistan, a key mediator in the Middle East conflict.
“Following discussions with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir of Pakistan—during which they asked me to suspend the military intervention planned for tonight against Iran—and provided that the Islamic Republic of Iran agrees to the FULL, IMMEDIATE, and SECURE reopening of the Strait of Hormuz, I agree to suspend bombings and attacks against Iran for a period of two weeks,” the U.S. president wrote on Truth Social.
The latest in a series of ultimatums issued by Donald Trump—repeatedly extended—gave Tehran until 8:00 PM in Washington (midnight GMT) to reopen the strategic maritime passage, through which 20% of the world’s oil supply transited before the war.
“This will be a RECIPROCAL CEASEFIRE!” Trump added, stating that the United States had “already achieved and exceeded all our military objectives” since the start of joint U.S.-Israeli strikes on February 28.
He also mentioned “very advanced” discussions toward a long-term peace agreement, noting that Tehran had submitted a “10-point proposal” serving as a viable basis for negotiations.
“Ceasefire everywhere”
Iranian leaders confirmed they would reopen the Strait of Hormuz “for a two-week period if attacks against Iran cease,” according to Foreign Minister Abbas Araghchi.
The Supreme National Security Council added that Iran would engage in negotiations with the United States in Islamabad during this period. However, it stressed that this does not mean the war is over, and that a full cessation of hostilities would depend on successful negotiations. The two-week period could be extended by mutual agreement.
According to Iranian media, Tehran’s proposal includes U.S. acceptance of uranium enrichment and the lifting of all sanctions.
Pakistani Prime Minister Shehbaz Sharif welcomed the outcome of his country’s mediation, stating: “I am pleased to announce that the Islamic Republic of Iran and the United States, along with their allies, have agreed to an immediate ceasefire everywhere, including in Lebanon and elsewhere, EFFECTIVE IMMEDIATELY.”
Market reaction and ongoing tensions
The announcement of the agreement was positively received by global markets: oil prices dropped by more than 15%, falling below $100 per barrel, while stock markets in Tokyo and Seoul surged by 4% and 6% respectively.
Earlier, Donald Trump had warned that if Iran did not unblock the Strait, “an entire civilization will die tonight,” underscoring the strategic importance of the passage.
Before the agreement, strikes continued across the region. Seven people were killed in Iraq near the Kuwaiti border, while earlier attacks targeted Iran’s Kharg Island—a key oil hub—as well as Alborz province, leaving at least 18 dead.
In Lebanon, where Israel is fighting the Iran-backed Hezbollah movement, the death toll from Israeli strikes since March 2 has exceeded 1,500.
For many civilians, the war has had devastating consequences. Iranian journalist Elaheh Mohammadi wrote: “For us, war is not just a headline or political analysis—it is the collapse of life (…) Your war is our nightmare.”
