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Washington, United States: The United States and Iran agreed to a two-week ceasefire on Tuesday in an 11th-hour bid to avert all-out destruction threatened by US President Donald Trump.
Here's what we know about the truce between two countries, which are set to begin negotiations but remain poles apart in their positions on ending the war:
What has the US said about the truce?
Trump told AFP the ceasefire deal was a "total and complete victory" for Washington.
The US will suspend attacks on Iran for two weeks, and Tehran will in turn temporarily reopen the Strait of Hormuz, a vital global oil thoroughfare, according to Washington.
Tehran agreed to the "COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz," Trump said in a Truth Social post.
The US president said the agreement was reached after he spoke to leaders in Pakistan, which has played a key role in mediating the war launched on February 28.
Trump also told AFP that Iran's enriched uranium would be "perfectly taken care of" under the two-week truce.
He has justified the war by accusing Tehran of enriching uranium with the aim of building an atomic weapon, an assertion not backed by the UN nuclear watchdog and which Iran has denied.
The US in a previous plan to end hostilities -- which Tehran did not agree to -- demanded Iran stop further enrichment, agree to limits on its missile program
Those requirements have not been detailed in the latest truce.
What is Iran saying?
Iranian Foreign Minister Abbas Araghchi confirmed that Tehran would allow safe passage for two weeks through the Strait of Hormuz, through which one-fifth of the world's oil passes.
Iran has proposed a 10-point plan for securing an end to the war, which Trump said was "workable".
While the plan could form the basis of potential negotiations later this week, it includes several sticking points which Washington has previously said were unfeasible.
The plan would require "continued Iranian control over the Strait of Hormuz, acceptance of enrichment, lifting of all primary and secondary sanctions," according to a statement released by Iran.
While the uranium enrichment demand was not included in Tehran's English-language statement shared by the UN, it was part of the Farsi release circulated by Iranian state media.
Other demands include: US military withdrawal from the Middle East, an end to attacks on Iran and its allies, the release of frozen Iranian assets and a UN Security Council resolution making the deal binding.
What next?
Pakistan's Prime Minister Shehbaz Sharif said the ceasefire would start immediately, and the capital Islamabad would host delegates from both countries for talks due to begin on Friday.
The talks would be aimed at reaching a "conclusive agreement," he said. Iran said it would allocate two weeks for the negotiations.
Oil and gas prices plunged on Wednesday after the announcement that the Strait of Hormuz would reopen under the truce, with global supplies squeezed since Iran effectively closed the passage.
Unblocking the strait could provide temporary relief to countries that rely on oil imports.
