Greg Nash

President Trump backed off his threat to obliterate Iran’s “whole civilization” right before the deadline he set. Now, the big questions are: Is the ceasefire sticking? And what happens now?

Here’s what we know:

The Strait of Hormuz reopened with limited traffic: Several ships have crossed the vital shipping passage, according to The New York Times, but there hasn’t been a full-scale return of traffic. That’s because some vessels seem wary of crossing because of the risks and unknowns.

However, Iran paused oil tanker traffic through the strait after Israel attacked Lebanon, per CNN.

A new toll at the strait?: The Financial Times reports that Iran is planning to charge the cryptocurrency equivalent of $1 per barrel of oil passing through the Strait of Hormuz during the two-week ceasefire.

Meanwhile, Trump told ABC’s Jonathan Karl that he is considering a “joint venture” with Iran to set up a toll booth in the Strait of Hormuz to charge vessels passing through.

Will oil prices stabilize now?: Oil prices plunged below $95 per barrel and stocks jumped after Trump paused fighting. However, even if traffic through the strait returns to pre-war levels, there has still been damage to energy infrastructure in the region that will take time and money to rebuild. The New York Times notes it will take months to return to normal.

Trump also signaled that “Iran can start the reconstruction process,” which is a very different message from 24 hours ago.

The Trump administration sees this as a ‘total and complete victory’: Trump told Agence France-Presse (AFP) that there is “no question” this is a “total and complete victory” for the U.S. And Defense Secretary Pete Hegseth claimed “a historic and overwhelming victory.”

And so does Iran: CNN reported on a statement by Iranian officials that claimed a “great victory” in the ceasefire agreement. (Keep in mind that Trump claimed the statement is “a FRAUD,” but CNN has defended the statement as legitimate.) 

But Vice President Vance called it a ‘fragile truce’: Vance argued that if Iran is willing to negotiate “in good faith,” there can be an agreement. However, he says, if Iran “lies” or “cheats,” the “fragile truce” won’t stick.

And Trump threatened that any country that supplies Iran with military weapons will face a 50 percent tariff on any goods sold to the U.S.

Is there a formal deal between the U.S. and Iran?: It’s in the works. As part of Trump’s eleventh hour announcement, he noted that he received a peace proposal from Iran, which he believes “is a workable basis on which to negotiate” over the next two weeks.

The president said today that Iran will not enrich uranium as part of the ceasefire agreement.

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Puck’s Julia Ioffe noted, “The ceasefire gives Iran control over the Strait of Hormuz, which it did not have before Trump launched the war. The regime is still in place, it still has enriched uranium, the capability to shoot missiles at drones at its neighbors. What, other than chaos, did Trump achieve?”

The New York Times’s Jonathan Swan and Maggie Haberman published exclusive reporting on the Situation Room meetings where President Trump ultimately decided to begin the conflict in the Middle East. 

The gist: “In a series of Situation Room meetings, President Trump weighed his instincts against the deep concerns of his vice president and a pessimistic intelligence assessment.”

Read their reporting: ‘How Trump Took the U.S. to War With Iran’

Trump critics are making TACO jokes again — or “Trump always chickens out.” That’s because he backed off his Tuesday evening deadline, extending Iran’s deadline by two weeks.

However, Rep. Yassamin Ansari (D-Ariz.), who is an Iranian American, actually urged lawmakers against making TACO jokes. She says she’s “grateful there’s a ceasefire” that protected innocent people in Iran — and essentially urged people against taunting the president over it.

President Trump’s threat that Iran’s “whole civilization will die tonight, never to be brought back again” if they do not agree to his terms infuriated Capitol Hill Democrats.

A total of 70 Democrats, including former Speaker Nancy Pelosi (D-Calif.) and Sen. Chris Murphy (D-Conn.), called for President Trump’s Cabinet to invoke the 25th Amendment to remove Trump from office.

One House Democrat, Rep. John Larson (Conn.), said he has filed impeachment articles against Trump.

And some conservatives were also unhappy about it: Longtime Trump supporters including Alex Jones, Megyn Kelly and Tucker Carlson argued Trump’s Sunday message to Iran went too far.   

“Former Attorney General Pam Bondi will not comply with a subpoena to appear before the House Oversight and Government Reform Committee as part of its investigation into the Epstein files, the panel’s Republican leadership said in a statement,” reports The Hill’s Rebecca Beitsch. Read more

— Raising a child now costs more than $300,000, according to a new study. That’s after tax exemptions and credits. Oh, and it’s up to 18 years old, so it’s not including college. *nervous laugh*

— Democrats overperformed in Georgia’s special House race. And liberals won in a landslide in a Supreme Court race in Wisconsin. Both of these races add to Democrats’ momentum in the midterms.

David Frum in The Atlantic: Trump Looks Frantic: So much bluster signifying nothing

The Wall Street Journal: Nantucket’s Oceanfront Homes Are Sliding Into the Sea. The Locals Don’t Care.

The New York Times: How’s He Doing? 13 New Yorkers Weigh In on Mamdani’s First 100 Days.

Vox: Ozempic just got cheap enough to change the world: Why the $14 drug could reshape global health.