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JD Vance has visited Budapest days before Hungary’s election to back Viktor Orbán, accusing the EU of foreign interference.

This comes as the US and Iran agreed to a temporary ceasefire tied to reopening the Strait of Hormuz, with both sides setting conditions for a two-week pause in fighting. 

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Major Story

🇺🇸🇮🇷 US and Iran reach temporary ceasefire agreement

Trump announced a two-week suspension of U.S. attacks on Iran, contingent on Iran reopening the Strait of Hormuz, hours after warning of civilizational destruction and threatening strikes on civilian infrastructure. Iran confirmed it would permit safe passage through the strait for two weeks, requiring vessels to coordinate with its armed forces, with Foreign Minister Araghchi stating Iran would halt military action provided it is not attacked first. 

Tehran has formulated a 10-point proposal as the basis for ceasefire negotiations with Washington, which are scheduled for Friday in Islamabad. The proposals include:

• Iran's commitment not to build nuclear weapons alongside US acceptance of Iran's right to enrich nuclear materials 

• Provisions for a complete cessation of aggression against Iran and allied groups 

• A possible withdrawal of US combat forces from the region with a ban on attacks launched from regional bases 

• Limited daily ship passage through the Strait of Hormuz for two weeks under an Iranian-set Safe Passage Protocol 

• The lifting of all primary, secondary, and UN sanctions against Iran 

• The creation of an investment and financial fund to cover Iran's war losses 

• Permission for Iran to negotiate bilateral and multilateral peace treaties with regional countries 

• Extension of non-aggression policies toward all resistance groups in the region 

• Ratification of all commitments through an official UN resolution

The announcement triggered a sharp market reaction, with U.S. crude falling roughly 8% to around $103 per barrel after trading as high as $117 earlier in the day. Stock futures also surged, with the Nasdaq up 1.8%, the S&P 500 up 1.6%, and Dow futures rising 725 points.

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