The U.S.-Iran ceasefire is holding Wednesday morning, putting immediate focus on shipping through the Strait of Hormuz and what comes next. Iran says its military will coordinate vessel movement through the waterway during the two-week pause.
At a news conference from the Pentagon Wednesday, Defense Secretary Pete Hegseth called the operation in Iran “a historic and overwhelming victory on the battlefield, a capital V military victory.”
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Hegseth said U.S. troops stand ready to resume operations if necessary, and will remain in Iran until a deal is made.
“Now we have a chance at real peace and a real deal,” he said. “The war department, for now — for now — has done its part. We stand ready in the background to ensure Iran upholds every reasonable term.”
Shipping through Hormuz now under Iranian control
Iran’s foreign minister said safe passage through the Strait of Hormuz will be allowed during the ceasefire, but only in coordination with Iranian armed forces.
The strait handles roughly one-fifth of global oil shipments. As of Tuesday, 187 tankers carrying crude and refined products remained in the Gulf, waiting for clearer conditions before moving.
Iran has indicated it will control how vessels move through the waterway, a position that could shape how quickly traffic resumes there. Tehran is already charging punitive tolls for ships passing through the strait, the AP reports.
Markets move on expectations of reopened shipping
Markets moved quickly after the ceasefire announcement. Oil prices plunged, with U.S. West Texas Intermediate crude falling more than 16% to around $95 a barrel early Wednesday, while Brent crude dropped nearly 14%.
If those losses hold, it would mark one of the sharpest single-day drops since the early days of the pandemic.
Stock markets also rallied, with gains across Asia as investors bet the Strait of Hormuz could reopen and stabilize global supply.
Prices, though, remain above pre-war levels, a clear reflection of uncertainty over how fully the strait will reopen.
Iran frames pause as temporary, protests follow
Iranian state television described the ceasefire as a halt in military operations, not an end to the conflict.
In Tehran, some residents gathered waving national flags, while others protested the agreement and called for continued fighting.
Fighting continues in Lebanon
The agreement does not cover Lebanon. Israeli strikes continued overnight, including attacks near the city of Tyre that killed at least four people, according to Lebanese state media.
Israeli officials said operations against Hezbollah will continue despite the broader pause with Iran.
Talks scheduled in Pakistan
Pakistan, which helped broker the agreement, has invited U.S. and Iranian officials to Islamabad for talks on Friday. CNN reports Vice President JD Vance is expected to attend, along with Trump’s special envoy Steve Witkoff and Jared Kushner.
Both sides say negotiations will continue during the two-week pause. Iran has said it will enter talks with what it described as “complete distrust” of the United States.
White House Press Secretary Karoline Leavitt is expected to brief reporters Wednesday, with the administration indicating discussions about possible in-person talks are ongoing.
Leavitt also posted on X Tuesday night, calling the ceasefire “a victory for the United States that President Trump and our incredible military made happen.”
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