Iran agreed Tuesday to reopen the Strait of Hormuz as Tehran and Washington reached a two-week cease-fire deal — a dramatic breakthrough in a nearly 40-day war that has rattled global shipping and sent gas prices soaring.

President Trump announced the pause in military strikes on Iran less than 90 minutes before his 8 p.m. deadline — saying it was subject to Tehran agreeing to let ships pass through the key waterway. Israel also agreed to the two-week cease-fire, a White House official told The Post.

In a statement on Truth Social, Trump said he spoke with Pakistan’s Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, who urged him to hold off on what he described as a “destructive force” set to be unleashed on Iran.

The cease-fire is “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz,” he added.

“This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East,” Trump said. “We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate.”

The president further explained that “almost all of the various points of past contention have been agreed to between the United States and Iran.”

“A two-week period will allow the agreement to be finalized,” he added.

Tehran will allow passage through the Strait of Hormuz for the next two weeks under Iranian military management, Iran’s Foreign Minister Seyed Abbas Araghchi said in a statement.

That condition was key to Trump’s cease-fire.

Araghchi also said if attacks against Iran are halted, Tehran will “cease their defensive operations.”

The global cost of oil plummeted upon the news. The price of Brent crude, the international benchmark, nosedived 14% within an hour of Trump’s announcement.

Iran’s Supreme National Security Council confirmed the cease-fire agreement, noting it does not amount to full-fledged peace.

“It is emphasized that this does not signify the termination of the war,” the statement said, according to the Associated Press. “Our hands remain upon the trigger, and should the slightest error be committed by the enemy, it shall be met with full force.”

Iranian state-run media painted the announcement as proof that Iran forced Trump into an agreement.

“US President Donald Trump has once again retreated from his own threats … this will be a mutual ceasefire,” Iran’s IRNA News Agency posted to X.

The US and Iran are weighing in-person talks to finalize a peace deal, but the administration warns that nothing is final.

“There are discussions about face-to-face meetings between the United States and Iran, but nothing is final until it is announced by the president or the White House,” press secretary Karoline Leavitt said.

Iran wants two major concessions from the United States as part of its 10-point plan, including the removal of sanctions dating back to the George W. Bush administration and greater control over the Strait of Hormuz.

Tehran is also seeking guarantees that the US and Israel won’t attack again, along with the ability to charge tolls on cargo ships passing through the strait, a critical route for global oil shipments.

Nour News, an Iranian outlet linked to the country’s security council, listed additional demands unlikely to be accepted — including continued uranium enrichment, war reparations and the withdrawal of US troops from the region.

Trump has said repeatedly that his top goal is to prevent Iran from ever obtaining a nuclear weapon.

A White House official declined to detail the proposal, saying: “We do not negotiate in the press … the 10-point document is a workable starting point.”

Another administration official said there was “relief” inside the White House — but warned that the outcome remains uncertain.

“One thing that had become clear over the last 72 hours is that Iran was not as beaten down as Trump had been led to believe,” the official said, citing the recent shoot-down of a US fighter jet. “Continuing the war would have likely led to more loss of life for little gain.”

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The official said US objectives were largely met, including degrading Iran’s military capabilities, though its nuclear material is believed to remain deeply buried.

Israel, which joined the US offensive on Feb. 28, has not achieved its goal of fundamental regime change and may need pressure from Washington to maintain the cease-fire, the official added.

“Both sides can claim a win,” the official said. “Iran can say it showed it could disrupt the Strait of Hormuz. We can say the strait is open.”

The conflict came at a steep cost, including 13 US troops killed, hundreds wounded and a price tag expected to exceed $100 billion.

The agreement came shortly before Trump’s deadline for Iran to reopen the waterway or face devastating strikes on its energy infrastructure.

The Strait of Hormuz carries roughly 20% of the world’s oil supply, making it one of the most critical shipping lanes globally.

Pakistan, which has acted as a key mediator, pushed for the two-week delay and proposed that Iran temporarily reopen the strait as a goodwill gesture.

Sharif has invited both sides to Islamabad for talks on April 10 to finalize a broader agreement.

China also urged Iran to accept the temporary cease-fire, according to officials familiar with the discussions.

The deal follows recent US strikes on Iran’s Kharg Island, a major oil export hub, where dozens of targets — including bunkers and radar systems — were hit.