A Ceasefire Has Averted an Escalation of the Iran War For Now

A just-in-time ceasefire in the Iran war. A relief rally in global markets. An abatement of the pressure on oil prices. These were the headlines today, but more than anything, I hope this also means fewer lives are lost in the Middle East, where too many already have perished.

The US and Iran agreed to a two-week ceasefire in exchange for Tehran reopening the Strait of Hormuz, a last-ditch deal that averted President Donald Trump’s threatened escalation of the war. Trump announced the agreement on social media Tuesday, hours after mediator Pakistan implored him to back off his deadline to unleash massive devastation on Iran if it didn’t meet his demands. The deal buys time for the two sides to reach a longer agreement to end the six-week conflict, which has killed thousands of people and sparked a global energy crisis.