The United States and Iran have reached a two-week ceasefire agreement just before a deadline set by President Donald Trump. This truce, which allows for the reopening of the Strait of Hormuz, is seen as a significant development in a conflict that has caused turmoil in global financial markets and spiked oil prices. Both nations claim victory, with Trump asserting that the deal represents a complete win for the US, while Iran's Supreme National Security Council declared a historic defeat for its adversaries. The ceasefire comes after weeks of military actions, including strikes by the US and Israel that targeted Iranian infrastructure, leading to numerous casualties. Negotiations for a long-term agreement are expected to commence in Pakistan, although both sides have laid out maximalist positions, including Iran's demands for the lifting of US sanctions and recognition of its uranium enrichment program. The situation remains tense, as the potential for renewed conflict looms if negotiations fail.