The US and Iran have agreed to a two-week ceasefire after weeks of violence. The terms call for halting the American-Israeli military campaign in exchange for Tehran reopening the Strait of Hormuz.
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It's a significant de-escalation after US President Donald Trump earlier threatened to unleash massive devastation on Iran if its leaders didn't comply with his demands.
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The deal now buys time for both sides to negotiate a longer agreement to end the six-week war that has killed thousands and triggered a global energy crisis.
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Iran's Foreign Minister Abbas Araghchi confirmed that safe passage through the Strait of Hormuz will be possible by coordination with Iran's armed forces during the period.
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He said Iran's military would cease fighting if attacks against the country stopped.
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Oil slumped and stocks surged after news of the ceasefire broke.
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Still, much remains unclear about the agreement or whether it will hold.
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The announcement came just 90 minutes before Trump's deadline for Iran to reopen the Strait.