The US and Iran have entered into a conditional two-week ceasefire agreement, potentially pausing a regional conflict that began on 28 February with joint US and Israeli airstrikes.

US President Donald Trump announced the ceasefire, which was brokered by Pakistan, on social media platform Truth Social. He said the agreement is strictly predicated on the “COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz”, which has been blocked by Iranian forces for several weeks.

He also said the deal is a “double sided CEASEFIRE”, stating that he had agreed to suspend the bombing campaign for 14 days to allow for the finalisation of a long-term peace agreement.

President Trump indicated that the decision followed the submission of a 10-point plan from Tehran. He said the plan is a “workable basis on which to negotiate”. He further stated that US military objectives under Operation Epic Fury had already been “met and exceeded” during the 38-day campaign. He also showed optimism for a peace deal, adding that “it is an Honor to have this long-term problem close to resolution”.

In an official statement, the Israeli government confirmed its support for the suspension of strikes, provided that Iran immediately reopens the maritime corridor and ceases all aggression against the US, Israel and regional neighbours. Israel clarified that the two-week ceasefire does not include Lebanon.

Iranian Foreign Minister Seyed Abbas Araghchi stated that Tehran would stop its military actions if attacks against Iran are halted.

The announcement led to a significant drop in oil prices, with Brent crude falling to below $95 a barrel on morning trade.