President Donald Trump said on Tuesday that he had agreed to a two-week ceasefire with Iran, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face widespread attacks on its civilian infrastructure.
Iranian state TV flashed an announcement claiming that Trump had accepted Iran's terms for ending the war, describing it as a "humiliating retreat" by the U.S. president.
Iran said talks between the U.S. and Iran would begin on Friday in Islamabad, Pakistan.
Trump's announcement on social media represented an abrupt turnaround from earlier in the day, when Trump issued an extraordinary warning that "a whole civilization will die tonight" if his demands were not met.
Trump said the last-minute deal, negotiated with Pakistan serving as a mediator, was subject to Iran's agreement to pause its blockade of oil and gas supplies through the strait, which typically handles about one-fifth of global oil shipments.
"This will be a double sided CEASEFIRE!" Trump wrote on his Truth Social platform. "The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East."
Two White House officials confirmed that Israel has also agreed to the two-week ceasefire and to suspend its bombing campaign on Iran. A few minutes after Trump's announcement, the Israeli military said that it identified missiles launched from Iran towards Israel.
Trump, who has issued a series of threats in recent weeks only to back away, claimed progress between the two sides. He said Iran had presented a 10-point proposal that was a "workable basis" for negotiations and that he expected an agreement to be "finalized and consummated" during the two-week ceasefire.
The abrupt turnaround capped a whirlwind day that was dominated by Trump's threat to destroy every bridge and power plant in Iran unless Tehran reopened the strait, which unnerved world leaders, rattled global financial and energy markets and drew widespread condemnation, including criticism from the head of the United Nations and Pope Leo.
As the clock ticked down to Trump's 8 p.m. EDT (0000 GMT) deadline, U.S. and Israeli strikes on Iran intensified, hitting railway and road bridges, an airport and a petrochemical plant. U.S. forces attacked targets on Kharg Island, home to Iran's main oil export terminal.
In response, Iran declared it would no longer hold back from hitting its Gulf neighbours' infrastructure and said it had carried out fresh strikes on a ship in the Gulf and a huge Saudi petrochemical complex. Booms were heard in Doha late on Tuesday night, according to a Reuters witness in the Qatari capital.
The war, now in its sixth week, has claimed more than 5,000 lives in nearly a dozen countries, including more than 1,600 civilians in Iran, according to tallies from government sources and human rights groups.
The closure of the strait, through which almost a fifth of the world's oil supply typically travels, has sharply increased oil prices, escalating the chances of a global economic downturn or even recession.
With the U.S. midterm election campaign ramping up, Trump's approval ratings have hit their lowest level ever, leaving his Republican Party at risk of losing its grip on Congress. Polls show sizable majorities of Americans opposed to the war and frustrated by the rising cost of gasoline.
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