President Trump notified Congress on May 1 that U.S. military operations against Iran, launched February 28 under Operation Epic Fury to dismantle missile, nuclear, and naval threats, have been terminated, coinciding with a fragile ceasefire holding since early April. Troops remain deployed amid contingency plans for strikes on Iranian naval assets or Strait of Hormuz targets if violations occur, while the administration navigates War Powers Resolution challenges and congressional pushback. Traders assess the likelihood of a formal public announcement, potential ceasefire breakdowns from Iranian retaliation or proxy actions, and upcoming deadlines for congressional authorization, with historical precedents like short-term Gulf conflicts informing de-escalation risks.