Overview
- The two-week truce, announced late Tuesday after Pakistani mediation, paused U.S. attacks in exchange for Iran’s pledge to reopen the Strait of Hormuz.
- Israel launched its heaviest strikes in Lebanon, with at least 182 dead and 890 injured according to Lebanon’s health ministry, as Washington and Israel say Lebanon is outside the deal and Iran and Pakistan say it is included.
- Ship-tracking data from Kpler showed no tankers have yet transited Hormuz, contradicting Tehran’s claim of reopening and clashing with U.S. statements that traffic will resume.
- Pakistan invited U.S. and Iranian delegations to Islamabad on Friday to seek a broader agreement, while Tehran warned it could quit the talks if strikes on Hezbollah targets in Lebanon continue.
- Markets rallied on the pause as oil prices fell and stocks rose, Spain said it will police daily pass-through to fuel pumps, and Argentina’s risk premium eased to about 551 points.