Trump says US-Iran truce extension unlikely, Hormuz to stay shut
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US President Donald Trump said it is “highly unlikely” he would extend the two-week ceasefire with Iran if a deal is not reached before it ends, adding that the Strait of Hormuz would remain blockaded until an agreement is finalised.
Trump said in a Monday (Apr 20) phone interview that Vice-President JD Vance would leave later in the day to resume negotiations in Pakistan, which he said are set to begin Tuesday.
“I’m not going to be rushed into making a bad deal. We’ve got all the time in the world,” the president said.
Trump said it is “highly unlikely that I’d extend it” when asked about the truce, which he announced on Apr 7. Trump said the expiration of the ceasefire occurs on Wednesday.
“It’s Wednesday evening,” the president said. “Wednesday evening Washington time.”
The S&P 500 Index touched session lows on Trump’s comments, before paring losses. Oil prices extended gains with both major crude benchmarks trading up more than 5 per cent. Investors are keeping a close watch on how or when energy flows through the strait will meaningfully resume.
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The price of crude has increased as the US maintains its blockade on the strait and the US Navy seized an Iranian-flagged ship. But the president insisted “I’m not opening it up.”
“They want me to open it. The Iranians desperately want it opened. I’m not opening it until a deal is signed,” Trump said.
Teheran has said it has no plans to attend the potential negotiations – which would aim for an agreement to formally end the seven-week conflict – though a final decision has not been made, Iranian foreign ministry spokesman Esmail Baghaei told reporters on Monday.
“There are various indications that there is no seriousness on the US side in advancing diplomacy,” Baghaei said.
The president said that a meeting with Iran to talk peace terms could work out well for everybody. He said he would love to attend the talks in person, but did not think it would be necessary.
Asked if he expects fighting to resume immediately afterward if there’s no deal, Trump said “if there’s no deal, I would certainly expect.”
Iran is reviewing a US proposal delivered during a visit by Pakistan’s army chief Asim Munir, Baghaei said, according to the semi-official Iranian Students’ News Agency. The details of the offer were not disclosed. BLOOMBERG
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