Tonight, the U.S. and Iran agreed to a two-week ceasefire 90 minutes ahead of Trump's

deadline to, quote, wipe out a whole civilization if the Strait of Hormuz remained closed.

Then Iran agrees to reopen the critical waterway, allowing tankers to pass through while peace negotiations continue.

And with the conflict on hold, for now, oil prices drop

and stock futures surge, what it all means for the US

and the global economy as the 11th hour

gets underway on this Tuesday night.

Good evening once again.

I am Stephanie Ruhl, and it is the 39th day of Donald Trump's war with Iran, and tonight he has backed off his own threats to wipe out the country.

So let's take you through the day.

This morning, the president posted that, quote, a whole civilization will die tonight, never to be brought back again if Iran didn't open the Strait of Formuz.

Then about 90 minutes before his own deadline, Trump announced a two-week ceasefire deal with Iran. He said he will suspend bombing for two weeks if and only if Iran agrees to completely open the

strain. It is the fifth time he has pushed back his deadline for strikes on Iran's power

plants. President also said the U.S. received a 10-point peace proposal from Iran and he believes

it is a workable or workable basis on which to negotiate. It is a massive change

from a month ago when he demanded unconditional surrender. Well, tonight Iran said its retaliation

would stop if attacks against Iran are also halted. The statement also said, quote,

for a period of two weeks, safe passage to the Strait of Formuz will be possible via coordination with Iran's armed forces and with due consideration of technical limitations.

Now, all eyes are going to be on the straight in the hours and days to come as we all wait to see if the ceasefire will hold and if tankers actually want to take the plunge, then what could come next?

All right, now let's get smarter with the help of our leadoff panel this evening.

Scott McFarlane is here in person for the very first time, Chief Washington correspondent

from Midas Touch and host of Scott McFarlane reports.

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