Iran Accuses US of Piracy After Alleged Attack on Commercial Vessel
Brent crude rose by 4.3% to around $99.6 per barrel as of 2020 GMT, while West Texas Intermediate (WTI) futures increased by 3.65 to approximately $90.5. The movements reflected heightened sensitivity in energy markets to geopolitical developments affecting supply routes.
In a statement on his Truth Social platform, Trump said he had instructed US forces to “continue the Blockade” and remain prepared, while extending the ceasefire until Iranian leadership and representatives present a unified proposal and negotiations are completed.
The announcement briefly eased fears of immediate escalation, but markets remained unsettled due to the continued blockade and the absence of a finalized diplomatic agreement, keeping concerns over potential supply disruptions elevated.
Trump also stated that the decision followed a request from Pakistan’s Field Marshal Asim Munir and Prime Minister Shehbaz Sharif, who urged Washington to delay any military action until Iran could establish a unified position.
The development came after a tense period leading up to the ceasefire deadline, with investors closely tracking whether diplomatic channels between Washington and Tehran would remain active.
Uncertainty was further compounded earlier in the day after reports indicated that a planned US delegation trip to Pakistan for renewed talks with Iran was postponed due to additional policy discussions in Washington.
Pakistan also noted that Iran had not yet confirmed participation in the proposed Islamabad talks, leaving the next phase of negotiations unresolved.
Earlier in the month, US and Iranian officials had held initial high-level discussions in Pakistan, but those talks concluded without reaching an agreement.
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