CNBC Daily Open: Markets cheer as Trump and Tehran agree to 2-week ceasefire

Hello, this is Dylan Butts writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.
Markets rallied after U.S. President Donald Trump announced an 11th-hour cease-fire on Tuesday evening, averting the passing of a deadline for Iran to reopen the Strait of Hormuz or face strikes on its civilian infrastructure.
The off-ramp came after Trump had escalated his threats, warning that "a whole civilization" would "die" and Iran would be back to the "Stone Ages," if his demands were not met.
An Iranian official has since confirmed Tehran would abide by the ceasefire and allow safe passage through the Strait of Hormuz, a key artery for global oil flows.
What you need to know today
U.S. stock futures surged and oil prices fell after Trump said he would suspend attacks on Iran for two weeks, just before his 8 p.m. ET deadline tied to reopening the Strait of Hormuz.
"I agree to suspend the bombing and attack of Iran for a period of two weeks," Trump posted on Truth Social. "We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate."
Trump also noted that the "double sided" ceasefire was contingent on Iran agreeing to an opening of the Strait of Hormuz.
A statement from Iran's Minister of Foreign Affairs, on behalf of the Supreme National Security Council, said Tehran would stop its defensive operations if attacks against it cease, and that it would allow safe passage through the Strait of Hormuz subject to coordination with its Armed Forces and with "due consideration of technical limitations."
The development comes after Trump had stepped up warnings that Iran would face massive strikes on its civilian infrastructure — which could be considered a war crime — if the deadline was not met.
The President had also gone so far as to say that "a whole civilization will die tonight, never to be brought back again" if no agreement was reached, drawing condemnation from U.S. lawmakers on both sides of the aisle.
Pakistan had sought a 2-week pause in the conflict and played a role in mediating the deal, according to Trump.
Earlier on Tuesday, Trump had said that for Iran to stave off the deadline, it would have to agree to "a deal that's acceptable to me, and part of that deal is going to be, we want free traffic of oil and everything else."
Iranian state media has framed the ceasefire as Trump backing down and accepting Tehran's 10-point plan.
Negotiations involving the U.S., Iran and regional mediators in the Middle East had previously centered around longer ceasefire proposals — reportedly up to 45 days — but a White House official told CNBC on Monday that Trump did not back that plan and Iran had explicitly rejected any temporary truces in favor of a permanent end to hostilities.
The pause in the conflict came shortly after U.S. forces struck military targets on Kharg Island, Iran's main oil export terminal, a White House official told CNBC.
Markets had already shown cautious optimism, with major U.S. indexes posting slim gains Tuesday.
Oil prices, which had been relatively stable earlier in the session for most of Tuesday, plunged over 14% to below $100 a barrel.
The reprieve could provide relief for global markets and supply chains, which have been strained by disruptions to oil flows from the conflict.
Missile strikes from Iran on Tuesday had reportedly sparked a fire at Saudi Arabia's Jubail complex, the country's largest industrial hub and home to major refining, petrochemical and carbon capture facilities.
Iran reportedly said the attack was in response to attacks on some of its petrochemical plants linked to its massive South Pars gas field.
Impacts from oil disruptions have continued to spread. U.S. jet fuel prices have nearly doubled since the start of the war, prompting some airlines to consider cutting flights, especially on international routes.
— Dylan Butts
And finally...
Elon Musk seeks ouster of OpenAI CEO Sam Altman as part of lawsuit
Elon Musk is seeking to have OpenAI CEO Sam Altman and President Greg Brockman removed from their roles as officers in the company as part of a case that's expected to go to trial later this month.
In a legal filing on Tuesday, Musk's lawyers laid out specific remedies their client is seeking if a judge and jury determine that Altman and OpenAI defrauded Musk, the world's richest person.
"Plaintiff will seek an order removing Altman as a director from the OpenAI nonprofit board and removing both Altman and Brockman as officers of the OpenAI for-profit," Musk's lawyers said in Tuesday's filing. "Removal of a charity's officers and directors is a common remedy where those individuals fail to protect or carry out the charity's public mission."
— Lora Kolodny