With just 88 minutes to spare before President Donald Trump’s 8pm ET deadline for Iran to make a deal or face massive destruction, he announced a temporary two-week ceasefire deal following 38 days of major combat operations in Operation Epic Fury.
The news came after the president issued a stark warning on Truth Social Tuesday morning that “a whole civilization will die” that night if Iran did not open the Strait of Hormuz where 20 percent of the world’s oil supply once flowed before Iran shut it down. Following the Truth Social post, The Wall Street Journal reported Iran broke off direct communications with U.S. negotiators while continuing talks through intermediaries.
The Ceasefire Deal
Then came a public intervention from Pakistan. Prime Minister Shehbaz Sharif posted a proposed compromise on X, urging the U.S. to extend the deadline by two weeks and calling on Iran to reopen the Strait of Hormuz as a goodwill gesture during that same period.
Hours later, President Trump announced on Truth Social that he had agreed to a conditional pause contingent on Iran reopening the vital waterway. “I agree to suspend the bombing and attack of Iran for a period of two weeks,” he wrote. “This will be a double sided CEASEFIRE!”
The president went on to say the U.S. has already met and exceeded its military objectives and is now “very far along” on what he described as a definitive agreement toward long-term peace in the Middle East.
The 10-Point Plan
Additionally, Trump said the U.S. has also received a 10-point proposal from Iran that is now serving as the basis for continued negotiations.
The Wall Street Journal published the 10 points in Iran’s proposal outlining sweeping demands, including for the U.S. to commit to guaranteeing non-aggression and the withdrawal of U.S. forces from the region. Iran also wants to maintain control of the Strait of Hormuz and a nuclear program involving uranium enrichment. The proposal calls for the removal of all sanctions, both direct and secondary, targeting foreign entities doing business with Iran.
DropSite News’ Ryan Grim reported the 10-point plan has been in circulation for weeks, and The New York Times reported the U.S. and Israel received a copy on Monday. It is unclear if there are significant changes to the 10-point plan between then and last night, but Trump called it an important step.
“It’s a significant step,” he said. “It’s not good enough. But it’s a very significant step.”
Possible ‘Joint Venture’?
According to The New York Times, Iran accepted the terms of the deal after last minute prodding from China to show flexibility and defuse tensions “amid growing concerns about the economic devastation from damages to critical infrastructure.”
The ceasefire was reportedly approved by new Supreme Leader Mojtaba Khamenei, while Iranian Foreign Minister Abbas Araghchi released a statement on the matter. “For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordinating with Iran’s Armed Forces,” it read.
Oil prices dropped drastically on the news. Brent oil, the international benchmark, fell from about $110 per barrel, where it hovered most of the day, to about $91.
But it is unclear just how open the Strait of Hormuz is. Citing Iranian state media, Fox News’ Jennifer Griffin reported Iran allowed two tankers through, but “they will block strait as long as Israel attacks Lebanon.”
Wednesday morning, President Trump told ABC News’ Jonathan Karl that the U.S. is considering a “joint venture” with Iran in administering tolls of ships going through the Strait. No such toll existed prior to Operation Epic Fury, but an Iran union rep speaking with the Financial Times said the number being discussed is $1 per barrel paid in cryptocurrency. According to the U.S. Energy Information Administration, 20 million barrels of oil and oil products passed through the Strait of Hormuz each day in 2025.
Shaky Ground
President Trump told The New York Post that in-person talks with the Iranians at a summit in Pakistan will happen “very soon.” Steve Witkoff and Jared Kushner are expected to represent the Americans, while the president said Vice President J.D. Vance might not attend due to security concerns.
But there are still questions about the terms of the two-week ceasefire deal, including what it means for Israel’s campaign against Lebanon.
When the Pakistani prime minister announced a ceasefire had been reached between the U.S. and Iran on X, he mentioned that one of the terms involved stopping the bombing of Lebanon by Israel. It has not stopped and Israeli Prime Minister Benjamin Netanyahu has signaled that was not part of the agreement. Speaking with PBS’ Liz Landers this morning, President Trump also said Lebanon was not part of the deal “because of Hezbollah.”
In a post on X by its foreign minister, Iran claimed the terms are “clear and explicit” and the U.S. “must choose” between “ceasefire or continued war via Israel.” The post went on to state “the world sees the massacres in Lebanon,” “the ball is in the U.S. court,” and “the world is watching whether it will act on its commitments.”
The post included an image of the ceasefire announcement from Pakistan’s prime minister, which said that U.S. allies had agreed to a truce that included Lebanon.
The Analysis
On Wednesday’s show, Megyn was joined by Curt Mills, executive director of The American Conservative, and Mark Halperin, host of MK Media’s Next Up, to discuss the ceasefire and what it means for the U.S.
Trump Teases “Joint Venture” with Iran
Megyn breaks down the massive implications of the temporary ceasefire deal between America and Iran, President Trump teasing a possible “joint venture” deal to tax the Strait of Hormuz, and more.
War Hawks Are Very Mad and Sad
What Mark Levin and other war hawks are now saying in the wake of the ceasefire announcement, why they sound sad and angry about the deal, what it means for MAGA long-term, and more.
You can check out Megyn’s full analysis by tuning in to episode 1,291 on YouTube, Apple Podcasts, or wherever you like to listen. And don’t forget that you can catch The Megyn Kelly Show live on SiriusXM’s The Megyn Kelly Channel (channel 111) weekdays from 12pm to 2pm ET.