Trump reached a last-minute ceasefire with Iran hours before threatening to bomb its infrastructure, with Iran agreeing to open the Strait of Hormuz for two weeks while both sides claim victory. The murky deal excludes Lebanon despite Hezbollah's compliance, and global markets surged on de-escalation news—though analysts warn oil infrastructure damage will keep prices elevated for months. Trump backed down from apocalyptic threats to destroy Iran's civilization, instead accepting Iran's 10-point proposal as a negotiation foundation while ceding control of the Strait of Hormuz to Tehran.