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A defiant Iran and the most powerful nation in the world, the US, fighting for over a month, agreed to a ceasefire 90 minutes before Trump's "wiping out a whole civilization" threat was to end.
The immediate test for this ceasefire is the next 24 hours; if Iran, the US, and Israel can control their trigger fingers, the Islamabad talks (or whenever the first round takes place) will begin on a positive note.
Iran has not agreed to reopen the Strait, but to allow passage via "coordination" with its Armed Forces. Even the IRGC Navy has said that the Strait "will never return to its former state".
For Beijing, there is an incentive to see the war subside before Trump travels to China in mid-May. Citing demands of the war, Trump has been postponing his China trip, initially set for the end of March.