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Ceasefire

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Peter Suderman | 4.8.2026 9:30 AM

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Two weeks to stop the war? After warning earlier this week that a "whole civilization will die" without a deal, President Donald Trump agreed last night to a two-week ceasefire with Iran. Israel also signed into the deal, although the country said it did not cover its conflict with the Iran-backed group Hezbollah. 

The deal is predicated on what Trump said was "the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz." CNN reports that Iran made a commitment to reopen the strait, a key waterway for global energy markets, with Iran's military overseeing passage through the strait. Some reports have raised the possibility that Iran might charge a toll for passage through the strait. 

This morning, I asked President Trump if he's okay with the Iranians charging a toll for all ships that go through the Strait of Hormuz, he told me there may be a Joint US-Iran venture to charge tolls:

"We're thinking of doing it as a joint venture. It's a way of securing it —…

— Jonathan Karl (@jonkarl) April 8, 2026

At a press conference this morning, Defense Secretary Pete Hegseth said the United States had won a "decisive military victory" in Iran, destroying its missile capabilities. 

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The announcement settled global markets, which had pushed the price of oil up to near $150. Oil prices dropped considerably after the deal was announced, and stock futures rose. Peace is good for prosperity. 

The U.S. says it has stopped its bombing campaign due to the ceasefire, but some reports indicate that Iranian attacks were still underway overnight, possibly because word of the deal had not yet spread to local commanders. A fresh round of talks between the U.S. and Iran is set to begin later this week. U.S. military officials have warned that if........

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