Mike Baker

bases and diplomatic sites and energy infrastructure since the war began.

Their decision to stand down suggests that Tehran's influence is still very real and that when orders do come down, they can have an effect.

The question is how quickly and how completely that holds across the rest of the region.

The final point to make is that there seems to be significant confusion about what the deal actually includes.

Iran, the U.S., and Israel are all describing the terms differently.

particularly when it comes to nuclear enrichment, missile programs, and whether the ceasefire extends to fighting in Lebanon.

And yes, those are major differences.

Israel has made clear its operations against Hezbollah, for example, will continue.

And while Iran says it will allow shipping through the Strait of Hormuz, major companies are still hesitating, citing uncertainty over safety and over Iran's reported plan to potentially charge transit fees.

So, yes, this whole ceasefire is dependent upon the Strait of Hormuz being fully open.

And so far, well, it is not.

Markets initially reacted with relief, oil prices dropped, stocks moved higher, but that optimism is tempered by the reality that this is not a peace agreement.

And with major issues still unresolved and both sides holding very different expectations, this two-week window may be less of a resolution to the conflict and more of a respite until things kick off again.

All right, coming up next, an American journalist is released from captivity in Iraq after negotiations with an Iran-backed militia.

I'll be right back.

Hey, Mike Baker here.

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