CBC News Network reported Wednesday that the United States, Israel, and Iran reached a two-week ceasefire agreement. The announcement followed a perceived threat from U.S. President Donald Trump regarding severe consequences if no agreement was reached.

According to the broadcast, the agreement stipulates that the U.S. will suspend attacks on Iran for two weeks, provided Iran immediately reopens the Strait of Hormuz. Iran confirmed the agreement, stating that safe passage through the Strait would be possible with coordination.

Despite the agreement, fighting continued in the region, with reports of booms and interceptions in Jerusalem, Israel, and several Gulf countries. Questions remain regarding the situation in Lebanon, where Israel has a ground operation approximately 30 kilometers inside Lebanese territory. Pakistani negotiators have indicated that Lebanon and Hezbollah are included in the ceasefire talks.

Sasha Petrusik, reporting from Jerusalem for CBC News, noted widespread anxiety throughout the Gulf region, despite a sense of relief that immediate escalation has been averted. Petrusik also stated that Iran remains distrustful of the process and seeks guarantees to prevent future attacks, referencing the ongoing situation in Gaza where a six-month ceasefire has seen continued airstrikes.

Canadian Prime Minister Mark Carney responded to Trump’s comments, stating Canada expects all parties to respect international laws and not target civilians or civilian infrastructure. He also clarified that Canada distinguishes between Iran being a threat and obligations under international law.

The conflict is already impacting Canadian consumers, with fuel prices rising and experts warning of potential increases in grocery costs. Nisha Patel, reporting for CBC News in Toronto, stated that food prices are increasing by 50 cents to a dollar per pound, driven by fuel surcharges for transportation. Buying local seasonal produce may offer some relief as Canada’s growing season begins.

Oil prices fell 15% following the ceasefire announcement, but long-term stabilization of energy markets remains uncertain.

In other news, NASA unveiled images from the Artemis II lunar flyby, and a Cree nation in Alberta is seeking an injunction to halt a referendum on Alberta separating from Canada, arguing it violates treaty rights. U.S. Vice President J.D. Vance is in Budapest supporting Viktor Orban’s re-election campaign.