WASHINGTON/TEHRAN, April 7 (Xinhua) -- Iran and the United States have agreed to a 2-week ceasefire less than two hours before the deadline set by U.S. President Donald Trump, and will hold negotiations in Pakistan.

Trump announced Tuesday he has agreed to "suspend the bombing and attack of Iran for a period of two weeks."

The decision is "subject to" Iran agreeing to the complete, immediate and safe opening of the Strait of Hormuz, he wrote on social media.

The ceasefire came shortly before Trump's deadline for Iran to agree to a deal and reopen the Strait of Hormuz, or the "whole civilization will die tonight."

On the Iranian side, Foreign Minister Seyed Abbas Araghchi has said that Iran will cease "defensive operations" if attacks against it stop.

Araghchi also promised safe passage through the Strait of Hormuz during the 2-week ceasefire under "coordination" with Iranian armed forces, saying that Iran will hold negotiations with the U.S. side in Pakistan's capital Islamabad.

Pakistan, the broker of the ceasefire, confirmed the latest progress on Wednesday.

"I am pleased to announce that the Islamic Republic of Iran and the United States of America, along with their allies, have agreed to an immediate ceasefire everywhere including Lebanon and elsewhere, EFFECTIVE IMMEDIATELY," Pakistan's Prime Minister Shehbaz Sharif posted on X.

Sharif has earlier called on the U.S. side to extend the deadline set by Trump by two weeks, and requested Iran to open the Strait of Hormuz for a corresponding period of two weeks as a goodwill gesture.

Explaining the reasons for making this decision, Trump said, "We have already met and exceeded all Military objectives."

Trump said the U.S. side had received a 10-point proposal from Iran, depicting it as "a workable basis on which to negotiate."

According to Iran's semi-official Mehr News Agency, the 10-point proposal includes a U.S. commitment to ensure no further acts of aggression, continued Iranian control of the Strait of Hormuz, acceptance of Iran's nuclear enrichment rights, and the lifting of sanctions, among others.

On potential negotiations with the United States, Araghchi stressed that the temporary ceasefire does not mean an end to war, pending negotiations on the details of the 10-point proposal.

The ceasefire eased tensions among regional countries and the global market. Global oil prices are plummeting by around 15 percent following the announcement of the ceasefire.