Trump Announces Iran Ceasefire, Joint Hormuz Venture

President Donald Trump announced a two-week ceasefire with Iran on Wednesday, proposing a joint U.S.-Iran venture to secure the Strait of Hormuz, a vital waterway for global energy shipments, as negotiations toward a permanent peace deal begin.

The ceasefire, effective immediately upon Iran's agreement to reopen the strait, suspends U.S. bombing and attack operations that began on February 28 under Operation Epic Fury. Trump described the pause as double-sided, following Iran's submission of a 10-point proposal that he called a workable basis for talks. The proposal includes provisions for lifting sanctions, providing compensation, and addressing the strait's management, though key details remain under discussion. Formal negotiations are set to start on Friday in Islamabad, brokered in part by Pakistan and with input from China, according to U.S. officials.

During an interview with ABC News, Trump addressed concerns over Iran imposing tolls on vessels transiting the strait, which carries about 20 percent of the world's oil and liquefied natural gas. Iran has already begun collecting fees, with at least one ship paying $2 million for passage, and analysts estimate potential...