Trump's Ceasefire with Iran Eases Global Tensions

President Donald Trump announces a two-week ceasefire with Iran just before the deadline to reopen the Strait of Hormuz. The ceasefire is contingent on Iran allowing oil and gas shipments through the strait. The agreement, mediated by Pakistan, involves cooperation from Israel and aims for long-term peace.

In a dramatic turnaround, U.S. President Donald Trump agreed to a two-week ceasefire with Iran late Tuesday. This pivotal decision came just shy of his ultimatum for Tehran to reopen the crucial Strait of Hormuz or face grave consequences.

After intense mediation efforts led by Pakistan's Prime Minister Shehbaz Sharif, a collective agreement was reached involving Iran, the U.S., and Israel. Iran agreed to pause its blockade, while the U.S. called off military strikes.

The ceasefire, which aims at long-term peace, hopes to not only stabilize the region but also calm volatile global markets, particularly in oil and energy sectors, as leaders worldwide welcome the development.

(With inputs from agencies.)