In a significant shift, US President Donald Trump announced the cancellation of planned military strikes on Iran, endorsing a two-week ceasefire proposed by Pakistan. This ceasefire is contingent upon Iran's commitment to the 'complete, immediate and safe' reopening of the Strait of Hormuz, a crucial channel for global oil transport. Iran's Foreign Minister, Abbas Araghchi, stated that safe passage through the strait could be guaranteed for two weeks if military attacks on Iran cease. However, Iran's response was not a full agreement but rather a conditional framework, indicating that oil and gas shipments would proceed only under coordination with its armed forces. Both the US and Iran are framing this development as a strategic victory, with the US asserting that its pressure led to Iran's concession, while Iran claims that the US has accepted parts of its broader demands, which include sanctions relief and commitments on maritime security. Despite the temporary ceasefire, uncertainty looms over the long-term implications for the Strait of Hormuz.