Iran and the United States have reached a ceasefire agreement for 2 weeks, delaying one of the most dangerous military conflicts in Middle Eastern history. The Prime Minister of Pakistan mediated this agreement after directly urging both sides to cease military operations.

Although there is this fragile ceasefire agreement, almost all major disputes remain unresolved, and reports of fighting in the region continue.

What you need to know about the 2-week ceasefire agreement between Iran and the United States.

Question: Why did Trump suspend plans for airstrikes against Iran?

Response: Trump cited discussions with Pakistani Prime Minister Shehbaz Sharif and Army Chief Asim Munir as significant reasons, as Sharif publicly requested Trump to extend the deadline by another 2 weeks, while the other side called for Iran to open the Hormuz Strait. Trump indicated that the U.S. military mission had exceeded its goals.

Question: Did Iran truly accept the ceasefire conditions?

Response: The Supreme National Security Council of Iran confirmed acceptance but issued a stern warning that our hands remain on the trigger. The council emphasized that this ceasefire does not mean that the war has ended.

Question: What is the current situation regarding the Hormuz Strait?

Response: The Iranian foreign minister stated that ships can pass through the strait during these 2 weeks under military control. However, Iran has set conditions called technical restrictions that did not previously exist before the war. Typically, one-fifth of the world's oil is transported through this strait.

Question: What are the contents of Iran's 10-point peace proposal?

Response: Iran's Supreme National Security Council has released the full proposal through the Mehr News Agency, which represents a significant shift in Iran-U.S. relations, not just a simple ceasefire agreement. The 10 points include

• The commitment from the U.S. not to conduct further attacks on Iran.

• The continued control of the Strait of Hormuz by Iran.

• The U.S. recognizes Iran's right to enhance its uranium capabilities.

• The cancellation of all major U.S. sanctions against Iran.

• The cancellation of all minor U.S. sanctions affecting third parties.

• The termination of all United Nations Security Council resolutions against Iran.

• The termination of all IAEA Board of Governors resolutions against Iran.

• The U.S. pays compensation for war damages to Iran.

• The complete withdrawal of U.S. troops from the region.

• The cessation of hostilities in all theaters, including Lebanon.

The White House has not clarified why Trump stated that the plan is 'feasible.'

Question: Can the ceasefire truly hold in the region?

Response: Missile alerts sounded in Israel and the United Arab Emirates shortly after both sides announced the ceasefire, with the commander of Iran's Islamic Revolutionary Guard Corps operating independently throughout the conflict, leading to uncertain cooperation. Additionally, several wars in the region have seen last-minute attacks, despite the ceasefire being announced.

Question: How has the financial market responded to the ceasefire?

Response: U.S. crude oil prices fell 18% to about 92.60 USD per barrel following Trump's announcement, while S&P 500 futures rose 2.4% as investors welcomed signs of easing tensions. However, oil prices remain above pre-war levels, which were around 70 USD per barrel.

Question: What will happen next, and what issues remain unresolved?

Response: U.S. and Iranian negotiators are scheduled to meet in Islamabad on Friday, with Iran's demand for U.S. troops to withdraw from the region creating significant conflict with Arab states in the Gulf. Moreover, it remains unclear whether the Revolutionary Guard will comply with the ceasefire agreement and whether Iran's conditions will be acceptable to Washington.