Donald Trump announces 'double-sided' ceasefire with Iran for two weeks

"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 said.

"This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all military objectives, and are very far along with a definitive agreement concerning longterm peace with Iran, and peace in the Middle East."

Pakistan had earlier requested Mr Trump grant a two-week extension to his ominous deadline for Iran to open up the strait.

And the President personally thanked the country's PM, Shehbaz Sharif and armed forces chief, Asim Munir.

Iran itself had put forward a 10-point peace proposal yesterday, which Mr Trump has now described as "workable".

"Almost all of the various points of past contention have been agreed to between the United States and Iran, but a two-week period will allow the agreement to be finalised and consummated," he said.

"It is an honour to have this long-term problem close to resolution."

Iran's new supreme leader Ayatollah Mojtaba Khamenei agreed to the conditional ceasefire, three Iranian officials told The New York Times.

Iran confirmed the ceasefire on Iran state TV, with a message which read: "Trump's humiliating retreat from anti-Iran rhetoric: Trump accepts Iran's terms for ending the war."

Iran’s foreign minister, Abbas Araghchi, said on social media Iran had agreed to halt its "defensive operations" if the attacks against the country stopped.

He added: "For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran's armed forces and with due consideration of technical limitations."

One US official told the New York Times the American military had now halted strikes, but Axios has reported it would not halt strikes until the Strait of Hormuz was opened.

China also had a "last minute" intervention, which played a role in the peace breaking negotiations.

Iran has said negotiations with the US will be held in Islamabad to "finalise details", with the "aim of confirming Iran’s battlefield achievements".

But the regime has warned the war is not over, and that it would "only accept" a conclusion once the 10-point plan is agreed upon.

While both sides have confirmed the two week ceasefire, Iran's Supreme Security Council said its "fingers are on the trigger, and as soon as the enemy makes the slightest mistake, it will be answered with full force".

In what appeared to have been another breakthrough, a White House official told CNN that Israel had agreed to a temporary ceasefire - just moments after the IDF identified a number of missiles heading from Iran.

Brent crude oil prices dropped over 15 per cent in response to the ceasefire and agreement to temporarily reopen the Strait of Hormuz.

Iran's 10 point peace plan, which will be the basis of the negotiations, notably does not include concessions to Iran's nuclear programme, the conflict which started the entire war.

Also in its peace plan, Iran would operate the strait in conjunction with Oman, and charge a toll fee of $2million per ship to pass through the key waterway.

As the world waited for the deadline, Iranians were saying goodbye to loved ones and preparing for the worst.

Supermarket shelves were stripped bare and families have stocked on water, with fear there would be threatened rolling blackouts.

Some Iranians have attempted to leave cities, with major roads packed with traffic.

One Iranian said his entire family had relocated to his uncle's villa in the countryside amid the tension.

With fears over the regime monitoring social media and their messages, people made virtual goodbyes.

Bahraheh, an Iranian woman, said: "My internet connection keeps cutting out for long periods. If our chat stays on Instagram, it could put me in serious danger - the regime randomly connects people's phones to the internet in the streets and checks their apps.

"I have to delete our chat. Wishing you a path full of success."

More to follow...