US-Iran truce: what we know so far

In a surprising turn of events, the US and Iran have agreed to a two-week ceasefire, aimed at averting potential disaster. Her eis what we know so far.

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.

Demonstrators protest against military action in Iran after U.S. President Donald Trump said that he had agreed to a two-week ceasefire with Iran. (REUTERS)

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 by the US and Israel on February 28.

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 and cease support for militant groups in the region.

Those requirements have not been detailed in the latest truce.

Trump has been inconsistent in his conditions for ending fighting, regularly backtracking from hardline demands.

Last month, the US leader said Iran's "unconditional surrender" would be the only acceptable outcome to end the war.

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 the Islamic republic.

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 has Israel agreed to?

Israel said it supported Trump's decision to suspend his bombing of Iran, but maintained the ceasefire "does not include Lebanon."

Israel has been battling Iran-backed Hezbollah since the group launched rocket fire at Israel in March.

Israel's subsequent retaliation has led to more than 1,500 deaths, according to Lebanese authorities.

The comments contradicted an earlier statement from Pakistan's Prime Minister Shehbaz Sharif that said the deal covered “everywhere including Lebanon.”

What next?

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.

The White House was considering talks in Pakistan but plans were not finalized, Press Secretary Karoline Leavitt said.

Oil plunged on Wednesday after the announcement that the Strait of Hormuz would reopen under the truce, with global oil and gas supplies squeezed since Iran effectively closed the passage.

Unblocking the strait could provide temporary relief to countries that rely on oil imports.

This story has been published from a wire agency feed without modifications to the text.