President Trump announced a two-week ceasefire with Iran following a Pakistani proposal, suspending U.S. strikes and potentially allowing coordinated passage through the Strait of Hormuz, which handles a quarter of global seaborne oil trade. The agreement follows Trump's threats against Iranian infrastructure and coincides with a reported 27% drop in OPEC production in March, though core details like Iranian acceptance and implementation remain unverified or disputed by sources including Bloomberg and WSJ. Oil price movements and upcoming peace talks are also contested.