US-Iran war live updates: Trump agrees to two-week ceasefire subject to Strait of Hormuz reopening as US strikes military targets on Kharg Island

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Thank you for reading our coverage of the war on Iran. Our live blog has closed for today, but will reopen tomorrow.

Here’s the latest from the Middle East:

The US and Iran have agreed to a two-week ceasefire and will reopen the Strait of Hormuz. US President Donald Trump said he would suspend plans to bomb Iran for the duration of the ceasefire and that he had received a 10-point peace proposal from Iran and was willing to negotiate. The ceasefire has been welcomed by leaders around the world.
Trump and the White House declared victory in the war against Iran, heralding the end of Operation Epic Fury even though proper negotiations are yet to begin.
Israeli Prime Minister Benjamin Netanyahu approved of the ceasefire but said it would not cover Israel’s war on Hezbollah and invasion of Lebanon. More than 1500 people have been killed in Lebanon, and more than 1 million displaced.
Iran and Oman will reportedly charge fees to ships transiting through the Strait of Hormuz, after Iran agreed to allow passage through the strait following the ceasefire.
The Australian sharemarket has surged in an $80 billion rally, as investors cheered a plunge in the oil price sparked by Trump’s announcement of a two-week ceasefire and Iran’s move to allow ships to transit the Strait of Hormuz.