Trump Will Not Extend Iran Truce, Leaving Hormuz Control in Limbo
LATEST President Trump will not seek to extend a stalled truce with Iran
President Trump will not seek to extend a stalled truce with Iran, leaving control of the Strait of Hormuz in limbo. Negotiations for a pathway for oil in the Strait are ongoing, but recent hostilities include a projectile hitting a UK vessel.
NOW PLAYING Trump Takes Hard Line as Hormuz Tensions Mark New Normal
President Trump stated that there are no ongoing talks with Tehran following the expiration of a memorandum of understanding between the US and Iran, leaving the control of the Strait of Hormuz in limbo. This situation has led former U.S. National Security Advisor Jake Sullivan to suggest that regional countries may attempt to broker their own deals with Iran, potentially at the expense of U.S. interests.
The lack of dialogue between the US and Iran, coupled with potential regional deal-making, could lead to a prolonged stalemate in the Middle East and impact global oil prices, with $90 oil potentially becoming the new normal if the situation continues.
The episode also covers the ongoing trade negotiations and tariff deadline between the US and Canada.