The US President agrees to a two week ceasefire if Iran reopens the Strait of Hormuz, only hours after he violently threatens annihilation.

We unpack the gravity of his comments and get immediate analysis on the prospect of this conflict screeching to a halt, right as it was set to escalate. 

Then, the Nationals are set to plant an ideological flag in the ground over the economy. The new leader Matt Canavan fronts up. 

Recap the morning's news, politics and global affairs with the Breakfast Wrap.