Overview
- President Trump, after talks with Pakistan's Shehbaz Sharif and army chief Asim Munir on Tuesday, announced a bilateral two-week cease-fire conditioned on Iran reopening the Strait of Hormuz.
- Iran's foreign minister said Tehran will allow passage for two weeks under Iranian management, and state media confirmed a conditional truce as negotiations continue.
- Oil prices fell sharply on the announcement, with Brent down about 12% to near $100 and U.S. crude off roughly 9%, while S&P 500 futures rose.
- Argentina reiterated a strategic alliance with the U.S. through Foreign Minister Pablo Quirno, and security in Buenos Aires tightened at U.S., Israeli, and Iranian embassies.
- The Strait of Hormuz carries about one-fifth of global oil shipments, and a UN Security Council push to bolster navigation failed after China and Russia vetoed a draft, leaving ad hoc arrangements that could unravel if new incidents occur.