US and Iran Hammer Out Two-Week Ceasefire…Hormuz Reopens

Trump backed down from his ultimatum to destroy Iranian power grids and bridges just two hours before the deadline, accepting a two-week ceasefire brokered by Pakistan. Iran agreed to immediately reopen the Strait of Hormuz, through which 35% of global seaborne crude flows; a blockade would disrupt an estimated 10 million barrels per day.