Overview
- The U.S. and Iran reached a two-week ceasefire Tuesday on the condition that Tehran reopen the Strait of Hormuz and allow safe passage.
- Israel said the pause does not apply to Lebanon, and reports described ongoing Israeli strikes and Iranian missile and drone attacks.
- Iran then told shipowners Hormuz was closed again and warned transits require permission, with monitoring firms noting only sparse traffic.
- The Financial Times reported Tehran plans a $1-per-barrel transit fee paid in cryptocurrency, while President Trump floated a joint toll-collection venture.
- Pakistan said U.S. and Iranian delegations will hold follow-up talks in Islamabad on Friday, as oil prices eased and Indian stocks and the rupee jumped.