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The U.S. was hours away from a massive attack on Iran. Then Pakistan made a phone call.
President Trump said Tuesday night that he would stop strikes on Iran for 14 days.
The catch - Iran has to fully reopen the Strait of Hormuz, the thin strip of water where a fifth of the world's oil flows through each day.
The deal came fast. Pakistan's prime minister and top general spoke with Trump and asked for a two-week window.
They also pushed Iran to open the strait as a sign of good faith. Iran's top diplomat said ships could pass through safely during the pause, with help from Iran's armed forces.
Trump dropped the news with barely two hours left on his own 8 PM cutoff. He had drawn that line on Sunday after a social media post where he told Iran to reopen the strait.
That same morning, he had warned that "a whole civilization" could be wiped out that night.
Oil crashed. It fell as much as 16% right after the news broke.
Futures surged. Dow futures alone rose 900 points.
The Strait of Hormuz is one of the most vital oil routes on Earth. When it's under threat, oil spikes. When the threat fades, prices drop.
Tuesday's swing was one of the biggest single-day moves in oil since the war began over five weeks ago.
Trump said the U.S. had hit all its war goals and that a peace deal was close. He pointed to a 10-point plan from Iran that he called a "workable basis" for talks.
Iran's top security body said the U.S. had given in to the will of its people. If talks fail, Iran said, it would keep fighting.
Iran's plan is bold. It asks the U.S. to pull troops from every base in the region, end all sanctions, return frozen funds, and pay for all war costs.
It also sets up rules for ships passing through the strait. Talks start in Pakistan's capital over the next two weeks.
On Monday, Trump turned down an older pitch from Iran. What changed in the hours that followed is still not clear.
The next 14 days will show if this leads to real peace - or just a short break before more strikes. Oil under $100 says the market thinks a deal is coming. For now.
