President Donald Trump pulled two senior negotiators from a scheduled flight to Islamabad on Saturday, ending a last‑minute effort to resume talks with Iran. Steve Witkoff, the White House special envoy, and Jared Kushner, the president’s son‑in‑law, were to join Vice President JD Vance’s aides after Vance’s earlier visit. Trump told reporters the leaders could “call me” and that the United States “has all the cards.”

White House officials said Iran delivered a written proposal that Trump called “better but not enough,” offering a “paper that should have been better.” The deal still falls short on core demands: surrender of Iran’s enriched uranium stockpile and a guarantee to curb enrichment levels. Tehran also balked at meeting lower‑ranking officials, insisting any dialogue must involve the Iranian leader.

The cancellation adds pressure to the already volatile oil market, where disruptions in the Strait of Hormuz have lifted crude prices by roughly 3% since the conflict began. Energy traders fear extended blockades could choke a fifth of global supply, prompting investors to re‑price risk on Middle‑East exposure. With the cease‑fire extended, the United States bets Tehran will submit a more acceptable offer.