US President Donald Trump said he’s not likely to extend the two-week ceasefire with Iran, increasing the urgency for negotiators to reach a deal to end the war. Trump reiterated that the Strait of Hormuz would stay blockaded for now until a deal is signed.

Trump stated that US Vice President JD Vance is leaving later on Monday to resume negotiations, “either Tuesday night or Wednesday morning.” Vance is expected to be joined by Jared Kushner and special envoy Steve Witkoff.

The next round of talks are expected to take place in Pakistan. Iran is also sending a team, although it is unclear who would lead the delegation, Bloomberg reported, citing people familiar with the plans. Earlier, Tehran said it was hesitant to participate in further peace talks with the US.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is up 0.81% on the day at $86.25.

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