President Donald Trump announced a last-minute extension of a ceasefire with Iran, even as new talks between the two sides failed to make any positive progress.
At the same time, Trump stressed that restrictions on shipping in the Strait of Hormuz would continue to be maintained as a key pressure on Tehran. The move is seen as important to force Iran to come up with new proposals before talks can be concluded.
In a Truth Social post, Trump said on Tuesday that he would maintain restrictions on ships coming to and from Iran in the Strait of Hormuz.
He added that Pakistan, which has been acting as a mediator between the two sides, had asked the US to postpone new attacks and that he would extend the ceasefire until Iran comes up with new proposals and talks are concluded, by all means.
Diplomacy efforts also faced a setback when Iran refused to join talks in Pakistan, leading to the cancellation of a visit by US Vice President JD Vance. The developments reflected the ongoing stalemate as Tehran described Washington's demands as unreasonable.
The situation has become increasingly tense as Trump has previously hinted at possible military action, but has now taken the approach of extending the ceasefire to make room for negotiations.
In commodity markets, oil prices remained high with Brent nearing $98 a barrel after jumping nearly 9% in two sessions. The rise was driven by concerns about global supply disruptions due to ongoing tensions in the Strait of Hormuz.
