The United States and Iran reached a two-week ceasefire Wednesday, hours before President Donald Trump’s deadline to attack Tehran, with the Islamic Republic agreeing to temporarily reopen the Strait of Hormuz.

Both sides declared victory. Trump told AFP the deal was a "total and complete victory" for the U.S., while Iran’s Supreme National Security Council said, "The enemy has suffered an undeniable, historic and crushing defeat in its cowardly, illegal and criminal war against the Iranian nation. Iran achieved a great victory."

Trump said Pakistan helped mediate, and he credited China for encouraging Tehran to negotiate. "Subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz, I agree to suspend the bombing and attack of Iran for a period of two weeks," he posted on Truth Social.

Iranian Foreign Minister Abbas Araghchi confirmed safe passage for ships through the Gulf, saying, "If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations."

Oil prices fell more than 17%, and Asian stocks rose. Trump described Iran’s 10-point plan as "workable," though it calls for lifting sanctions, Iranian control of the Strait of Hormuz, and the removal of U.S. forces. On uranium enrichment, Trump said, "That will be perfectly taken care of, or I wouldn't have settled."

The ceasefire follows weeks of U.S.-Israeli strikes on Iranian infrastructure and Iranian missile attacks across Gulf states. Israel’s assaults in Lebanon have left more than 1,500 dead, though Netanyahu said the ceasefire does not cover Lebanon.

Iranian university student Metanat, 27, said before the truce, she felt "terrified and so should everyone else in the country." State media showed Iranians forming human chains to protect power plants amid heightened patriotic displays.