Donald Trump has suspended his threat to destroy Iran's "whole civilisation" after talks with Pakistan.
In a social media post late on Tuesday night, the President confirmed that he would hold off on wiping out the country for two weeks - with some conditions.
"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 long-term peace with Iran, and peace in the Middle East."
He went on to tell AFP he had secured a "total and complete victory... 100 per cent. No question about it".
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.
Donald Trump suspended his threat to destroy Iran's 'whole civilisation'
|REUTERS
Iran's new Ayatollah, Mojtaba Khamenei, is said to have agreed to the conditional ceasefire
| REUTERS"It is an honour to have this long-term problem close to resolution."
Iran's new Ayatollah, Mojtaba Khamenei, agreed to the conditional ceasefire, three Iranian officials told The New York Times - despite him being unconscious.
Iran confirmed the ceasefire on 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 the country 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."
China was also reported to have made a "last-minute" intervention, which played a role in the peace negotiations.
Mr Trump later confirmed he believed China had helped get Iran to the table.
Israel's Prime Minister Benjamin Netanyahu, meanwhile, said his country supported the President's decision to suspend attacks against Iran - but said the ceasefire does not include Lebanon.
China was also reported to have made a 'last-minute' intervention, which played a role in the peace negotiations
| GETTYIran has said talks with the US will be held in Islamabad, Pakistan, 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.
Iran's 10-point "peace plan", which will be the basis of the negotiations, does not include concessions to Iran's nuclear programme, the conflict which started the entire war.
Iran has also demanded the ability to 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.
MAPPED: Where is the Strait of Hormuz? | GB NEWSSupermarket shelves were stripped bare and families stockpiled water amid fears there would be rolling blackouts.
Some Iranians attempted to leave their 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."