US and Iran reach eleventh-hour ceasefire deal. The United States and Iran agreed to a two-week ceasefire just before President Trump's deadline for military escalation expired. As part of the agreement, Tehran will temporarily reopen the Strait of Hormuz, a critical global energy corridor carrying roughly one-fifth of the world's oil supply, while Washington suspends planned strikes. Defense Secretary Pete Hegseth is scheduled to brief the press today at 8 am ET, providing operational details on the ceasefire and military posture during the pause. The agreement remains fragile, with both nations retaining the option to resume hostilities if terms are violated. Oil markets and global energy traders are closely monitoring developments given the strait's critical importance to international commerce.
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