The US has signed a peace deal with Iran and is openly pressuring Israel to stand down, a shift that markets and war-weary voters are cheering.

• Trump personally signed a memorandum with Iran's president, reopening the Strait of Hormuz and pushing for a full ceasefire including Lebanon and Hezbollah.
• Oil prices dropped and stocks rose on the deal, easing pressure on the US economy heading into the midterms.
• The big change is Washington restraining Israel for the first time — Vance publicly told Israel to back off, and the US may withhold weapons shipments.
• Critics like Senator Cassidy call it a blunder, saying Iran kept its nuclear program, got sanctions lifted, and learned that threatening the Strait works.
• The fear: hardliners in Israel keep fighting in Lebanon to drag America back in, and some even float using nuclear weapons on Iran.

Outlook: A fragile ceasefire holds for now, but Israel's refusal to leave southern Lebanon could reignite the conflict and test whether Trump stays out.