President Donald Trump announced a two-week ceasefire between the United States and Iran, saying the deal was contingent on reopening the Strait of Hormuz and that the agreement came just ahead of his deadline.
CBS News said the announcement landed as Israel continued striking parts of southern Lebanon, including areas near Tyre. The source reported that a residential building was hit at dawn, killing four people, while other strikes hit a post used by paramedics linked to Hezbollah. Netanyahu’s office later said the Lebanon fighting was not covered by the two-week ceasefire, even though Pakistan had reportedly presented the deal as broader in scope.
That split matters because it shows how differently the key actors were reading the same arrangement. Trump presented the ceasefire as a regional breakthrough and later posted that it was a big day for world peace. Netanyahu’s office, by contrast, said Israel supported the broader suspension of strikes against Iran but did not see Lebanon as included. Hezbollah had not issued a statement at that point, leaving the operational reality unclear.
Pakistan’s role was central. The source says Trump spoke with Netanyahu and Pakistan’s field marshal, Asim Munir, to close the deal, and that Pakistan had been acting as an intermediary in the effort to end the war. Iran said peace talks would begin Friday in Islamabad, although the White House said no decision had yet been made on whether U.S. officials would join in person. That left the diplomatic track open but still unsettled.
The ceasefire also had immediate market consequences. CBS reported that futures and Asian equity markets rose sharply, while oil prices fell by double-digit margins after weeks of disruption. The effect was fast enough to show how closely the war had become tied to global energy flows and investor sentiment. White House press secretary Karoline Leavitt called the ceasefire a victory and said the military campaign had created leverage for diplomacy.
Other regional actors were adjusting as well. The report says pro-Iran armed factions in Iraq announced a two-week halt to their operations and Iraq reopened its airspace after having closed it because of the war. Even with those moves, the source made clear that the main strategic issue - control of the Strait of Hormuz - remained unresolved.
For now, the announcement looks like a temporary pause with conditions attached. It eased market pressure and slowed the pace of military escalation, but it did not resolve the arguments over Lebanon, over who controls the strait, or over what kind of diplomatic process can replace the fighting.
