The United States and Iran agreed to a two-week ceasefire barely an hour before President Donald Trump‘s Wednesday deadline to obliterate the country was set to expire, with Tehran to temporarily reopen the vital Strait of Hormuz.

Read moreMiddle East live: Netanyahu says US-Iran ceasefire does not include Lebanon

Both sides claimed to have won the more than month-long conflict that has roiled global financial markets and sent oil prices skyrocketing, with Trump telling AFP the deal was a “total and complete victory” for the US.

Iran too cast the ceasefire as a win and said it had agreed to talks with Washington to begin Friday in Pakistan on a path to end the conflict. “The enemy has suffered an undeniable, historic and crushing defeat in its cowardly, illegal and criminal war against the Iranian nation,” said a statement from the Iranian Supreme National Security Council. “Iran achieved a great victory.”

What’s next? Tehran said it would negotiate with the United States in Islamabad beginning Friday. Iran has proposed a 10-point plan for securing an end to the war, which Trump said was “workable”. But while the plan could form the basis of potential negotiations, it includes several sticking points which Washington has previously said were unfeasible.

Lifting of sanctions, control over Hormuz…

The plan would require “continued Iranian control over the Strait of Hormuz, acceptance of enrichment, lifting of all primary and secondary sanctions”, according to a statement released by the Islamic republic.

While the uranium enrichment demand was not included in Tehran’s English-language statement shared by the UN, it was part of the Farsi release circulated by Iranian state media.

Other demands include US military withdrawal from the Middle East, an end to attacks on Iran and its allies, the release of frozen Iranian assets and a UN Security Council resolution making the deal binding.

The plan requires:

• The lifting of all primary and secondary sanctions on Iran.

• Continued Iranian control over the strait of Hormuz.

• US military withdrawal from the Middle East.

• An end to attacks on Iran and its allies.

• The release of frozen Iranian assets.

• A UN security council resolution making any deal binding.

In the version released in Farsi, Iran also included the phrase “acceptance of enrichment” for its nuclear program. But for reasons that remain unclear, that phrase was missing in English versions shared by Iranian diplomats to journalists.

Pakistan’s prime minister, Shehbaz Sharif, who helped mediate the ceasefire, said it would start immediately, and the capital Islamabad would host delegates from both countries for talks due to begin on Friday. The talks would be aimed at reaching a “conclusive agreement”, he said.

Iran said it would allocate two weeks for the negotiations.

The White House was considering talks in Pakistan but plans were not finalised, Press Secretary Karoline Leavitt said.

(FRANCE 24 with AFP and AP)