The U.S., Israel and Iran agree that a ceasefire is in effect — but they're contradicting each other and themselves on what's been agreed on and what happens next, Axios' Barak Ravid writes.

• Those differences will have to be reconciled in negotiations, starting Saturday in Islamabad, Pakistan.
• One thing everyone agrees on: There's no guarantee the war is over.

🚢 President Trump's key condition for a ceasefire was reopening the Strait of Hormuz.

• But it's unclear how open it actually is. Iran halted ships there today after fresh Israeli attacks against Iran-backed Hezbollah in Lebanon, per Iranian state media.
• Iran and the Pakistani mediators say the ceasefire applies to Lebanon. The U.S. and Israel disagree. (Go deeper.)

🛢️ Attacks also took place during the ceasefire's first 12 hours against oil facilities in Iran, Saudi Arabia, the UAE and Kuwait.

• Pakistan's prime minister warned such actions "undermine the spirit of the peace process."

📡 Defense Secretary Pete Hegseth said at a press conference today that Iran's attacks continued because of Iranian communications issues.

• Hegseth said: "It takes time for a ceasefire to take hold. We think it will."

Both sides say they can quickly resume fighting:

• Hegseth said today: "We will be hanging around to make sure Iran complies. ... We are prepared to restart in a moment's notice."
• Iran's Islamic Revolutionary Guard Corps said in a statement: "We are with our hand on the trigger, ready to respond to any attack with more force."

👀 Attention now shifts to Saturday's negotiations, with Vice President JD Vance leading the U.S. team.

• The sides are far apart on several core issues, including money to rebuild Iranian buildings and infrastructure, the fate of Iran's nuclear program, and ending the war between Israel and Hezbollah.

Go deeper.

A key government agency is announcing a record amount of fusion energy funding, even as President Trump seeks to cut other parts of the federal fusion budget, Axios national energy correspondent Amy Harder reports exclusively.

• The Energy Department's Advanced Research Projects Agency will commit $135 million over the next 18 months to accelerate fusion technologies.
• The funding will focus on technical barriers keeping fusion from reaching commercial scale.

✂️ Yes, but: President Trump's 2027 budget proposal seeks to cut the Energy Department's fusion programs from $805 million to $755 million.

• 🇨🇳 Andrew Holland, head of the Fusion Industry Association, tells Axios: "To have one bureau increasing funding while another is cutting is no way to beat China to commercial fusion."

Go deeper ... Get Axios Future of Energy.

1. 🚀 Artemis II is now headed Earthward, blazing back home at over 1,800 mph. Splashdown is set for Friday evening near San Diego. Get the latest.
2. ✈️ Delta will "meaningfully reduce" plans for new flights amid soaring fuel costs, CEO Ed Bastian said today. He added that demand remains strong despite higher fares. Go deeper.
3. 👩‍💼 Former Attorney General Pam Bondi will not comply with a subpoena to appear before the House oversight committee next week for questioning over her handling of the Epstein files. Go deeper.
4. 🚔 A Long Island architect, Rex Heuermann, pleaded guilty to murdering seven women, and admitted he killed an eighth in a string of long-unsolved crimes known as the "Gilgo Beach killings." Get the latest.

The NHL's newest team suddenly has the coolest Zamboni around.

• Meet the Zammoth, the Utah Mammoth's new ride.

🏒 It was built using a decommissioned Zamboni from Salt Lake City's 2002 Winter Olympics.

• Up to eight fans can ride the Zammoth between periods. It's no longer able to actually resurface the ice.

Behind the scenes.