The U.S. and Iran have agreed to a two-week pause in hostilities.
The ceasefire comes after Trump threatened severe attacks on Iran, despite ongoing peace talks between the countries, mediated by Pakistan.
As well as a two-week pause in fighting, Iran is set to reopen the Strait of Hormuz.
Here’s what you need to know.
Lead-up
Trump announced on 6 April (U.S. time) that his deadline for a deal with Iran was 7 April at 8pm (10am, 8 April AEST.)
“The entire country could be taken out in one night, and that night might be tomorrow night,” Trump said.
“I thought it was inappropriate the day after Easter. I want to be a nice person.
“They have till tomorrow.”
Strikes
On 7 April, U.S. forces struck Iran’s Kharg Island. Vice President JD Vance later confirmed the strikes.
Kharg Island is Iran’s main hub for oil exportation, handling around 90% of its crude oil exports.
Late Tuesday night (AEST), Trump threatened the end of a “whole civilisation”.
Ceasefire
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Meanwhile, Pakistani Prime Minister Shehbaz Sharif said a ceasefire was “progressing steadily,” urging both sides to pause fighting.
Pakistan has been involved in peace talks between the U.S. and Iran since March.
“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 a period of two weeks,” Trump said on Wednesday morning.
Iran response
Iranian Foreign Minister Abbas Araghchi confirmed the conflict’s pause, including the reopening of the Strait of Hormuz for two weeks.
“If attacks against Iran are halted, our powerful armed forces will cease their defensive operations,” he said.
“For a period of two weeks, safe passage through the Strait of Hormuz will be possible.”
What's next?
Sharif has invited leaders from the U.S. and Iran to Pakistan’s capital, Islamabad, this Friday, 10 April, “to further negotiate for a conclusive agreement”.
The Pakistani PM also said that the ceasefire covers “everywhere including Lebanon,” addressing the Iran-backed group Hezbollah firing rockets at Israel, and Israel’s efforts to occupy the country’s south.
Australia
Prime Minister Anthony Albanese told Sky News the announcement was “positive news”, adding that he hopes the pause leads to “a permanent deescalation and an end to the conflict”.
Albanese said he did not think Trump threats that a “whole civilisation will die” was “appropriate”, calling it an “extraordinary statement”.
Following Trump’s announcement of the two-week pause, the price of crude oil dropped by 15%. The ASX 200 (which reflects Australia’s share market) is at its highest value since early March.
