Washington DC - The US and Iran agreed to a two-week ceasefire Tuesday barely an hour before President Donald Trump's deadline to obliterate the rival country was set to expire, with Tehran to temporarily reopen the vital Strait of Hormuz.

After more than a month of blistering attacks by the US and Israel, Iran said it had agreed to talks with Washington to begin Friday in Pakistan on a path to end the conflict.

Trump said he had spoken to Pakistan's leaders who "requested that I hold off the destructive force being sent tonight to Iran."

"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," Trump wrote on his Truth Social platform.

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Iranian Foreign Minister Abbas Araghchi confirmed safe passage for two weeks for ships through the Strait of Hormuz, the gateway for one-fifth of the world's oil which Tehran sealed off in retaliation for the war launched on Febraury 28.

"If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations," Araghchi said.

Trump said that the US was "very far along" in negotiating a long-term agreement with Iran, which had submitted a 10-point plan that he said was "workable."

But Iran publicly released points that took maximalist positions including lifting longstanding sanctions, guaranteeing the country's "dominion" over the Strait of Hormuz, and removing US forces from the region.

The price of oil quickly fell sharply after Trump's announcement of the ceasefire. Costs at the pump had risen sharply since the war for ordinary Americans, putting heavy political pressure on Trump.