U.S. AND IRAN AGREE TO 2-WEEK CEASEFIRE
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The U.S. has agreed to a two-week ceasefire with Iran proposed by Pakistan, President Trump said Tuesday night.
- Iranian Foreign Minister Abbas Araghchi confirmed Tehran's acceptance and said Iran would allow "safe passage" of the Strait of Hormuz during those two weeks "via coordination with Iran's armed forces."
The big picture: The Pakistani proposal, which came hours before Trump's deadline to launch massive strikes if no deal was reached, involves a pause on Trump's threat and a commitment from Iran to open the strait.
- That two-week period is to be used to negotiate a larger agreement to potentially end the war.
- The U.S. and Iran are expected to hold peace talks on Friday in Islamabad, two sources familiar with the plans told Axios. Vice President Vance is likely to lead the U.S. delegation.
State of play: A U.S. Defense official said the ceasefire is now in effect and the U.S. has suspended all strikes. The same official said it might take time for the ceasefire order to filter down to the lower ranks of the Revolutionary Guards.
- The announcement comes less than 12 hours after Trump threatened to wipe out Iran's entire "civilization." More specifically, he threatened bridges, power plants and potentially oil and water infrastructure.
- Negotiations between the U.S. and Iran picked up momentum over the past 24 hours, as Axios reported, with Pakistan serving as the primary mediator.
- After the ceasefire came into force at 8pm ET, missiles were still launched from Iran towards Israel and several Gulf states.
The intrigue: Israel has agreed to the ceasefire and will also suspend its strikes, a White House official said.
- Pakistan's prime minister said the ceasefire would also apply in Lebanon, where Israel has been conducting an invasion. That could be a tough pill to swallow for Israeli Prime Minister Benjamin Netanyahu.
- Netanyahu, the leaders of Saudi Arabia and the UAE, and political allies like Sen. Lindsey Graham (R-S.C.) had urged Trump to reject any proposal unless Iran made major concessions.
- Members of Trump's team, including Vance and envoy Steve Witkoff, advised him to take a deal if they could get one.
The latest: Financial markets reacted with instant relief to the news.
- S&P 500 futures rose more than 1%, while oil futures quickly sank about 6%.
- Markets had been weak all day on fears of an escalation, before rallying late in the day on signs a deal might be at hand.
What he's saying: "Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks," Trump wrote.
- "This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East."
- "We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate. Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated."
- "On behalf of the United States of America, as President, and also representing the Countries of the Middle East, it is an Honor to have this Longterm problem close to resolution. Thank you for your attention to this matter!"
The other side: "On behalf of the Islamic Republic of Iran, I express gratitude and appreciation for my dear brothers HE Prime Minister of Pakistan Sharif and HE Field Marshal Munir for their tireless efforts to end the war in the region," Araghchi wrote.
- "In response to the brotherly request of PM Sharif in his tweet, and considering the request by the U.S. for negotiations based on its 15-point proposal as well as announcement by POTUS about acceptance of the general framework of Iran's 10-point proposal as a basis for negotiations, I hereby declare on behalf of Iran's Supreme National Security Council: If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations. For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran's Armed Forces and with due consideration of technical limitations."
Editor's note: This is a developing story. Please check back for updates.
