Iran and the US have agreed to a conditional two-week ceasefire, during which shipping traffic will be allowed through the Strait of Hormuz.

This comes more than a month after the US and Israel launched coordinated attacks on Iran, and hours after US President Donald Trump threatened that a whole civilisation will die tonight if Iran did not reopen the Strait.

Pakistan's Prime Minister Shehbaz Sharif, who has been mediating negotiations, said early on Wednesday that the ceasefire was effective immediately.

Here's what we know so far about the deal.

What have the US and Iran each said?

Trump said he'd agreed to suspend the bombing and attack of Iran for a period of two weeks if Tehran agrees to reopen the Strait of Hormuz, which is vital for oil and other exports from the Gulf.

In a post on Truth Social, Trump noted that he accepted the provisional ceasefire because we have already met and exceeded all Military objectives.

This comes after he previously warned that the US could take Iran out in one night and stated that a whole civilisation will die tonight - threats that drew condemnation from the United Nations chief and the Pope.

Iran agreed to allow ships through the Hormuz Strait for two weeks, with their passage coordinated by the Iranian military.

The country has also issued a comprehensive ten-point plan that, among other things, includes ceasing warfare in Iran, Iraq, Lebanon, and Yemen; committing to lifting sanctions on Iran; releasing Iranian funds held by the US; and fully compensating Iran for reconstruction costs.

The plan also asserts, Iran fully commits to not seeking possession of any nuclear weapons.

Additionally, Iranian officials stated that Tehran's victories in the field would be consolidated through political negotiations.

Sharif mentioned that the ceasefire would also be effective in Lebanon, where Israel says it is fighting the Iran-backed militant group Hezbollah. However, Israel's leadership has not indicated any plan to vacate Lebanon until Hezbollah is neutralized.

What has Israel said?

After the announcement of the ceasefire, sirens sounded in Israel, with the Israel Defense Forces intercepting missiles that were reportedly launched from Iran.

Israeli Prime Minister Benjamin Netanyahu indicated Israel's support for Trump's ceasefire decision, provided Iran opens the straits and ceases all attacks on the US, Israel, and regional countries. He emphasized that the ceasefire does not cover Lebanon, where Israeli ground troops are active.

What is next?

Pakistan is facilitating ongoing negotiations and has invited delegations to Islamabad for further discussions aimed at finalizing the accord and resolving all disputes.

White House press secretary Karoline Leavitt acknowledged that discussions are still ongoing, but emphasized that nothing is final until formally announced by the President or the White House.

Negotiations promise to be complicated, especially given the contrasting stances of both countries regarding the ceasefire's terms. Previous rounds of talks have escalated military tensions rather than resolved them, presenting a challenging path forward for both the US and Iran.