President Donald Trump announced a 10-day ceasefire between Israel and Hezbollah during a limited truce in the ongoing conflict involving Iran.
Trump said Thursday that he had spoken with Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu to broker the deal.
“These two Leaders have agreed that in order to achieve PEACE between their Countries, they will formally begin a 10 Day CEASEFIRE at 5 P.M. EST,” Trump wrote in a social media post.
Trump also said he would invite both Netanyahu and Aoun to the White House for “the first meaningful talks between Israel and Lebanon since 1983.”
“Both sides want to see PEACE, and I believe that will happen, quickly!” Trump said.
Also on Thursday, the Iranian ambassador to the United Nations said he was hopeful about further talks with the U.S.
“Despite our deep mistrust of the United States, stemming from its repeated betrayal of diplomacy, we nevertheless entered the negotiations in good faith and remain cautiously optimistic,” Amir Saeid Iravani said during a U.N. General Assembly meeting.
Earlier on Thursday, U.S. Secretary of War Pete Hegseth encouraged Iran to make a deal.
“We are locked and loaded on your critical dual use infrastructure, on your remaining power generation and on your energy industry,” he said. “We’d rather not have to do it, but we’re ready to go at the command of our President and at the push of a button.”
The ongoing conflict has had significant economic consequences. Since the fighting began at the end of February, U.S. gas prices have climbed 30%, pushing the national average above $4 per gallon. Although the U.S. does not import oil directly through the Strait of Hormuz, a critical energy waterway bordering Iran, its closure has affected global oil prices. As a result, oil prices have reached their highest levels in years.
If hostilities persist, experts say that economic strain will deepen, further costing U.S. taxpayers. Building on these concerns, with U.S. military operations estimated to cost $1 billion per day, analysts say a prolonged war could lead to a significant increase in defense spending and place additional pressure on the federal budget.
The Department of War has indicated it may request an additional $200 billion from Congress to support operations in Iran, though it has not yet provided precise figures for a supplemental request.
Trump has recently introduced a 2027 budget proposal that would increase military spending by 44% to strengthen the nation’s armed forces. If approved, the plan would raise annual U.S. military expenditures to $1.5 trillion.
On Feb. 28, the U.S. and Israel initiated strikes against Iran after the collapse of nuclear negotiations with the Islamic Republic. Trump has outlined four primary military objectives: to eliminate Iran’s missile capabilities, neutralize its navy, block the development of nuclear weapons, and prevent the regime from orchestrating terrorism beyond its borders.
