US and Iran Seal Two-Week Ceasefire Tied to Reopening Hormuz as Islamabad Talks Near

Overview

• The United States and Iran announced a reciprocal two-week truce late Tuesday, with Washington pausing strikes only if Iran immediately and securely reopens the Strait of Hormuz.
• Pakistan will host talks in Islamabad on Friday, with mediators citing an Iranian 10‑point proposal as a starting point for negotiations.
• Israel said the pause does not cover Lebanon, and its military ordered evacuations in parts of southern Beirut and southern Lebanon as operations continued.
• Markets surged after the announcement, with Brent and WTI crude down roughly 15%, European gas futures off about 20%, and major stock indexes in Tokyo, Seoul, Paris and Frankfurt jumping, reflecting how vital Hormuz is for about one‑fifth of global oil flows.
• Regional risks persist as Saudi Arabia reported intercepting five missiles, and Reuters cited local sources saying Hezbollah accepted the 15‑day pause, highlighting the fragile and uneven scope of the deal.