President Donald Trump said the United States and Iran were “very far along” toward a “definitive” peace agreement, confirming that Washington had agreed to a two-week ceasefire to keep negotiations on track.

“Based on conversations with Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, of Pakistan, and wherein they requested that I hold off the destructive force being sent tonight to Iran, and subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” Trump wrote in a Truth Social post.

The U.S. has agreed to “suspend the bombing and attack of Iran for a period of two weeks,” he added.

The diplomatic efforts were led by Pakistan and its allies. Reports suggest Tehran has agreed to resume commercial shipping through the Strait of Hormuz, which has disrupted global energy markets in recent weeks.

Markets were quick to react to the latest development. Oil prices slipped below $100 for the first time in days during after-hours trading, while U.S. stock futures moved higher.

“We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate. Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two week period will allow the Agreement to be finalized and consummated,” Trump added.

Pressure had been building ahead of the deal as  the U.S. president had warned that a “whole civilisation will die tonight.” The statement left little room between escalation and a political step back. The ceasefire now provides a pause, but its durability remains uncertain as negotiations continue.

Bitcoin price recovers

Bitcoin rebounded sharply following the announcement, rising over 6.7% to reach an intraday high of $72,379, its strongest level since March 18. By doing so, Bitcoin also reclaimed a key psychological support zone.

Short-term momentum now hinges on whether the asset can sustain support above $70,000, with traders watching the upcoming Islamabad talks and any signs that tensions between Washington and Tehran could resurface.