Ceasefire between the U.S. and Iran expires later this week, with the deadline set at 8 p.m. ET Wednesday (midnight GMT Thursday).
President Donald Trump says renewal of the ceasefire is "highly unlikely," casting doubt on imminent peace talks despite Pakistan’s mediation.
Iran’s intermittent closure of the Strait of Hormuz has spiked oil prices and raised global inflation and growth concerns, while a brief reopening lifted markets.
U.S. seizure of an Iranian‑flagged cargo ship reignited tensions, cooling Wall Street’s rally and keeping crude prices above pre‑war levels.