Defense Secretary Pete Hegseth and Joint Chiefs Chairman Dan Caine addressed reporters at the Pentagon after President Donald Trump announced a conditional two-week ceasefire with Iran. The ceasefire, which aims to suspend U.S. bombing and attacks, was confirmed by Iranian Foreign Minister Seyed Abbas Araghchi, who stated that Iran would halt its 'defensive operations' in return. Following the announcement, there were reports of increased shipping activity in the Strait of Hormuz, a crucial maritime route. Despite the ceasefire, tensions remain high, as explosions were reported near Iran's Lavan Island Oil Refinery. Israel's Prime Minister Benjamin Netanyahu indicated that while Israel supports the ceasefire, it does not extend to its military operations against Hezbollah, an Iranian-backed group in Lebanon. The announcement led to a drop in oil prices, which fell below $100 a barrel, while stock markets reacted positively to the news.