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This is the world in brief from The Economist.

Our top stories. Donald Trump announced a two-week ceasefire with Iran, subject to the Islamic Republic agreeing to the, quote, immediate opening of the straight-off Hormuz.

The president has given Iran a deadline of 8 p.m. Eastern Time to strike an agreement.

Mr. Trump, noting that Pakistan was mediating between the warring countries, said he had received a,

quote, workable 10-point peace proposal from Iran

on which to negotiate.

Iran's National Security Council declared victory and claimed America had accepted key elements

of its 10-point plan, including security guarantees,

sanctions relief and Iranian control over the Strait of Hormuz.

Iran's foreign minister said that transit through the strait would be allowed for two weeks

under the supervision of the country's armed forces.

Meanwhile, Israel and some Gulf states said they were intercepting Iranian missiles and drones.

Markets rallied following the ceasefire announcement.

Crude prices in America plunged, with West Texas intermediate futures falling by more than 10% to less

than $100 a barrel in early trading. Equity index futures rose, while treasury prices climbed,

pushing yields lower. The dollar weakened as investors rotated out of safe haven assets. Intel announced it

would join Elon Musk's TerraFab project. The chip maker will partner with Tesla, SpaceX and

...