US, Iran agree to mediators' 14-day truce proposal, 'safe passage' through Strait of Hormuz

US President Donald Trump said Tuesday he has agreed to "suspend the bombing and attack of Iran for a period of two weeks," less than ​two hours before his deadline for Tehran to reopen the Strait of Hormuz or face widespread attacks on its civilian infrastructure.

Trump wrote on social media that his decision is "subject to" Iran agreeing to the complete, immediate and safe opening of the Strait of Hormuz. 

"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," Trump said. 

"We received a 10-point proposal from Iran and believe it is a workable basis on which to negotiate," he said, adding that he expected an agreement to be "finalized and consummated" during the two-week ceasefire.

Trump described the two-week suspension as "a double sided ceasefire." 

The ceasefire proposal was delivered by Pakistan's Prime Minister Shehbaz Sharif, aiming to allow time for peace talks with Iran.

Sharif said he is pleased to announce that the Islamic Republic of Iran and the United States of America, along with their allies, have agreed to an immediate ceasefire across all fronts, including Lebanon.

More detailed details about the ceasefire will be announced by the Iranian side shortly, Tasnim News Agency reported.

10-point proposal

Iran has declared a "historic and crushing defeat" of the United States and the Israel after 40 days of war, saying Washington has been forced to accept a 10-point Iranian proposal that includes a permanent ceasefire, the lifting of all sanctions, and the withdrawal of US combat forces from the region, according to Iranian news network Press TV.

According to Iran's semi-official Mehr News Agency, the 10 points are as follows:

1. US commitment to ensure no further acts of aggression;

2. Continued Iranian control of the Strait of Hormuz;

3. Acceptance of Iran's nuclear enrichment rights;

4. Lifting of all primary sanctions;

5. Lifting of all secondary sanctions;

6. Termination of all United Nations Security Council resolutions against Iran;

7. Termination of all International Atomic Energy Agency Board of Governors resolutions against Iran;

8. Payment of damages to Iran for loss in the war;

9. Withdrawal of US combat forces from the region;

10. Cessation of hostilities on all fronts, including Lebanon.

Iran's Supreme Security Council ​said on Wednesday negotiations ‌with ⁠the United States would begin on Friday, according to state ⁠media, ‌adding that talks do not signal the end ‌of the war.

Iran ​said the talks, which may last up to 15 days and could be extended by agreement, aim to finalize details of ​the proposal, ​including transit through ‌the Strait of Hormuz, sanctions relief and withdrawal of US combat forces from regional bases.

Iran's foreign minister said safe passage through Strait of Hormuz would be ensured during the two-week ceasefire in "coordination" with Iranian armed forces.

Two White House officials confirmed that Israel has ​also agreed to the two-week ceasefire and will suspend its bombing campaign on Iran. A few minutes after Trump's announcement, the Israeli military said that it identified missiles launched from Iran towards Israel.

(With input from agencies)