After 39 days of intense hostilities that pushed the Gulf region to the brink of a wider war, the US and Iran on Wednesday agreed to a fragile two-week ceasefire, offering a narrow diplomatic window for de-escalation even as sporadic violence continued across multiple theatres.The breakthrough — described by US President Donald Trump as a “double-sided ceasefire”— is conditional upon Iran ensuring the “complete, immediate and safe opening” of the strategically critical Strait of Hormuz, through which a substantial portion of the world’s oil supply flows.“Subject to the Islamic Republic of Iran agreeing to the complete, immediate and safe opening of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for two weeks,” Trump said, asserting that Washington had already “met and exceeded all military objectives”.The announcement signals the first significant pause since tensions spiralled into open confrontation, disrupting global energy markets and drawing multiple regional actors into the conflict. However, even as the ceasefire came into effect, reports of drone strikes and military activity from both sides underscored the volatility on the ground, raising questions about the durability of the truce. The agreement followed intense backchannel diplomacy, with Pakistan PM Shehbaz Sharif and army chief Asim Munir playing a key mediating role. Sharif announced that the ceasefire would be “effective immediately everywhere, including Lebanon and elsewhere”, and invited both delegations to Islamabad for further negotiations on April 10.Iran’s Foreign Minister Seyed Abbas Araghchi confirmed Tehran’s acceptance of the framework, stating that Iran would halt its “defensive operations” if attacks ceased.“On behalf of the Islamic Republic of Iran… if attacks against Iran are halted, our powerful armed forces will cease their defensive operations,” Araghchi said, adding that safe passage through the Strait of Hormuz would be ensured for the two-week period in coordination with Iranian forces. Sharif also publicly acknowledged support from key regional and global players, including China, Saudi Arabia, Turkiye, Egypt and Qatar, as well as the Gulf Cooperation Council.Trump, too, suggested that Beijing had played a role in nudging Tehran towards negotiations, a claim partially echoed by China’s foreign ministry, which welcomed the ceasefire and said it had contributed to efforts aimed at securing peace.At the heart of the ceasefire lies the Strait of Hormuz, a narrow maritime corridor linking the Persian Gulf to global markets. Its closure or disruption during the conflict has since past more than one month triggered major supply shock, sending oil prices into volatility.While the conditional reopening is expected to stabilise energy markets in the short term, uncertainties linger over enforcement and compliance. Shipping risks remain elevated, with maritime authorities, including the International Maritime Organisation, already calling for urgent evacuation of stranded vessels and mechanisms to ensure safe navigation.US threatens 50% duty on nations arming IranCurbs on Hormuz; Vance to visit PakistanAmid Israeli strikes in Lebanon, Iran has signalled restrictions on maritime movement, indicating that oil tankers may not be permitted to pass through the Strait of Hormuz. The move raises fresh concerns over global oil supplies. Meanwhile, US Vice-President JD Vance would lead a team to Pakistan for talks, the White House told reporters on Wednesday.US President Donald Trump has warned that any country supplying weapons to Tehran would face immediate 50% tariff on all goods exported to the US. The announcement came alongside a series of striking claims by Trump, who suggested that Washington would simultaneously pursue cooperation with Tehran after truce.