Trump suspends Iran strikes for two weeks subject to full Hormuz reopening
Investing.com - President Donald Trump announced Tuesday evening he will suspend planned military strikes against Iran for two weeks following mediation by Pakistan, as the two nations work to finalize a peace agreement.
Trump posted on Truth Social shortly after 6:30 p.m. EST that he agreed to hold off on attacks scheduled for 8 p.m. EST after conversations with Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. The suspension is contingent on Iran's complete, immediate and safe opening of the Strait of Hormuz, U.S. President added. Trump said the U.S. received a 10-point proposal from Iran that provides a workable basis for negotiations.
The SPDR S&P 500 ETF Trust rose roughly 1.6% in after-hours trading following the announcement. WTI crude oil futures dropped close to 7% to trade around $102.50.
Trump had previously set 8 p.m. EST Tuesday as his final deadline, saying earlier in the day that "a whole civilization will die tonight" if his conditions for peace were not met. Pakistan proposed the two-week extension just hours before the deadline, with Sharif stating on X that "diplomatic efforts for peaceful settlement of the ongoing war in the Middle East are progressing steadily, strongly and powerfully."
Sharif requested Iran open the Strait of Hormuz for two weeks as a goodwill gesture and urged all warring parties to observe a ceasefire. Trump said almost all points of past contention have been agreed to between the U.S. and Iran, with the two-week period allowing the agreement to be finalized.