The provisional truce comes more than a month after the US and Israel launched coordinated attacks on Iran.
6 hours ago
Kelly Ng,Singapore,
Khashayar Joneidi,BBC Persian, Washingtonand
Daniel De Simone,Jerusalem
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Iran and the US have agreed to a conditional two-week ceasefire, during which shipping traffic will be allowed through the Strait of Hormuz.
This comes more than a month after the US and Israel launched co-ordinated attacks on Iran, and hours after US President Donald Trump threatened "a whole civilisation will die tonight" if Iran did not reopen the Strait.
Pakistan's Prime Minister Shehbaz Sharif, who has been mediating negotiations, said early on Wednesday that the ceasefire was effective immediately.
Here's what we know so far about the deal.
Trump said he'd agreed to "suspend the bombing and attack of Iran for a period of two weeks" if Tehran agrees to reopen the Strait of Hormuz, a vital shipping route for oil and other exports from the Gulf.
In a post on Truth Social, Trump said he agreed to the provisional ceasefire because "we have already met and exceeded all Military objectives".
This comes after he earlier warned the US could take Iran out "in one night" and that a "whole civilisation will die tonight, never to be brought back again" - threats that drew condemnation from the United Nations chief and the Pope.
Iran agreed to allow vessels through the Hormuz Strait for two weeks, with their passage co-ordinated by the Iranian military.
The country has also issued a 10-point plan, which includes, among other things, the complete cessation of war in Iran, Iraq, Lebanon and Yemen; "full commitment" to lifting sanctions on Iran; the release of Iranian funds and frozen assets held by the US; and a "full payment of compensation for reconstruction costs" to Iran.
It also says, "Iran fully commits to not seeking possession of any nuclear weapons".
"Iran's victory in the field would also be consolidated in political negotiations," Tehran's Supreme National Security Council said in a statement.
According to Sharif, the ceasefire will also take effect in Lebanon, where Israel says it has been fighting the Iran-backed militant group Hezbollah.
There is no indication from Israel that it has agreed to halt its operations in Lebanon, or elsewhere.
Sirens sounded in Israel shortly after Trump's announcement, with the Israel Defense Forces saying they were intercepting missiles launched from Iran.
Several loud booms were heard in Jerusalem late Tuesday night.
A few hours after the ceasefire was announced by Trump, Israeli Prime Minister Benjamin Netanyahu said: "Israel supports President Trump's decision to suspend strikes against Iran for two weeks subject to Iran immediately opening the straits and stopping all attacks on the US, Israel and countries in the region."
The statement added that the "ceasefire does not include Lebanon", where Israel has ground troops.
It is unclear how involved Netanyahu was in Trump's decision-making.
Pakistan, which has been mediating the negotiations, has invited the delegations to meet in Islamabad on Friday "to further negotiate for a conclusive agreement to settle all disputes".
White House press secretary Karoline Leavitt acknowledged ongoing discussions about in-person talks, but said "nothing is final until announced by the President or the White House".
Already, the two countries appear to have contradicting positions on what this ceasefire entails. And Iran and the US have held two rounds of talks in the past year. Both times saw military tensions escalate in the middle of negotiations.
The main oil barrel indexes show a 15% average fall, while most markets worldwide, especially Asian markets, are opening up during early trading hours.
"It will take us years to repair the political and strategic damage that Netanyahu created," Lapid claimed, while Otzma Yehudit MK Zvika Fogel blames Trump for "wimping out."
From Netanyahu's left, Yair Lapid said the PM had 'failed diplomatically and strategically,' while Yair Golan said Israel's war objectives had not been achieved. From the far right, a Ben-Gvir MK wrote of Trump: 'Donald, you came out a duck!'
Israel says war on Lebanon continues despite Iran ceasefire The Israeli military says it will continue its war on Lebanon, stating that the ceasefire with Iran does not apply to the Lebanese front. Military spokesperson Colonel Avichay Ad