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A two-week ceasefire has been agreed upon by the United States and Iran less than 90 minutes before the deadline sent by US President Donald Trump.

During this period, the Strait of Hormuz will be reopened by Iran.

Trump, Iran Agree on Two-Week Ceasefire

According to a report by news.com.au, Trump made the announcement on his Truth Social account. Screenshots of the announcement have made their way to other social media platforms.

In his announcement, Trump called the ceasefire a "double sided" one.

"The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East," Trump said in his post.

Iran's foreign minister, Seyed Abbas Araghchi, likewise took to social media to post a statement on behalf of the Supreme National Security Council of Iran, according to ABC News.

In the statement, Iran announced the safe passage through the Strait of Hormuz "via coordination with Iran's Armed Forces and with due consideration of technical limitations."

Iran's 10-Point Proposal

In his Truth Social post, Trump mentions a 10-point plan he describes as "a workable basis on which to negotiate."

The 10-point plan includes a guarantee that Iran will not be attacked again as well as permanent end to war and not just a ceasefire.

The 10-point plan can be viewed below.