The US and Iran have agreed to a two-week conditional ceasefire, with Iran reopening the Strait of Hormuz. The agreement was reached after a last-minute diplomatic intervention led by Pakistan, canceling an ultimatum from US President Donald Trump for Iran to surrender or face destruction. The ceasefire includes a temporary reopening of the Strait of Hormuz, a key conduit for global energy supply. The agreement has been welcomed by several countries, but its implications and potential outcomes are still uncertain.