According to Axios, the U.S. and Iran have reached a ceasefire agreement that extends hostilities for sixty days. The deal, mediated by Pakistan and Qatar with a formal signing expected Friday in Switzerland, includes the lifting of the U.S. naval blockade and the reopening of the Strait of Hormuz—which handles roughly twenty percent of global oil and liquefied natural gas. The agreement kicks off more detailed nuclear negotiations, with both sides having sixty days to reach a technical deal on Iran's uranium enrichment and monitoring. The breakthrough came after tense final hours, when an Israeli strike on Hezbollah in Beirut nearly triggered an Iranian counterattack, but negotiators managed to keep the deal on track.

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