• What Happened: President Trump announced a two-week ceasefire with Iran Tuesday evening, 90 minutes before his 8 PM deadline, contingent on Iran's "COMPLETE, IMMEDIATE, and SAFE OPENING" of the Strait of Hormuz. Iran's Foreign Minister confirmed acceptance. The ceasefire is in effect. Peace talks begin in Islamabad Friday.
  • Why It Matters: Oil prices plunged up to 16% on the news. Dow futures surged 725 points. Nasdaq futures jumped 1.8%. Trump said the U.S. has "met and exceeded all Military objectives" and called Iran's 10-point proposal "a workable basis on which to negotiate."
  • Bottom Line: Forty days after the war began, Trump got Iran to blink. The Strait is opening. The bombs are paused. The world just exhaled.

At 6:32 PM Eastern time on Tuesday, 90 minutes before his own deadline for the destruction of Iran's power grid, bridges, and infrastructure, President Trump posted on Truth Social and the world changed.

"Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks. This will be a double sided CEASEFIRE!"

Ten hours earlier, Trump told the world that "a whole civilization will die tonight" if Iran did not comply. And now the Strait of Hormuz is opening.

The markets responded instantly. Oil prices plunged as much as 16%, with U.S. crude sliding from $117 a barrel to around $103. Dow futures surged 725 points. The S&P 500 futures jumped 1.6%. The Nasdaq 100 futures soared 1.8%. Forty days of war, global energy shock, and $4-a-gallon gas, and in one Truth Social post the pressure valve cracked open.

Iran's Foreign Minister Abbas Araghchi confirmed acceptance within hours. "If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations," Araghchi wrote. "For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran's Armed Forces and with due consideration of technical limitations." Iran's Supreme National Security Council confirmed the deal and said the ceasefire could be extended beyond two weeks by mutual agreement if negotiations proceed favorably.

Trump said the decision came after speaking directly with Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, who brokered the framework. He said the U.S. had received a 10-point proposal from Iran and deemed it "a workable basis on which to negotiate," adding that "almost all of the various points of past contention have been agreed to between the United States and Iran." He claimed the U.S. had "already met and exceeded all Military objectives" and said he was "very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East."

"On behalf of the United States of America, as President, and also representing the Countries of the Middle East, it is an Honor to have this Longterm problem close to resolution," Trump wrote. "Thank you for your attention to this matter! President DONALD J. TRUMP"

Peace talks are set for Islamabad on Friday, April 10. Vice President Vance is expected to lead the U.S. delegation. Pakistan's PM Sharif welcomed both sides, writing that they "displayed remarkable wisdom" and invited delegations to Islamabad to "negotiate for a conclusive agreement to settle all disputes."

Trump said it would all end Tuesday night. He was right. It just ended differently than anyone expected.

The war is paused. The strait is opening. The world has two weeks to figure out what comes next.