President Trump announced the United States will prolong its cease‑fire with Iran and keep the naval blockade in place until Tehran presents a unified proposal. The decision follows Vice President JD Vance’s decision to suspend a planned trip to Pakistan for talks. Mediators are scrambling to pull Iran back into negotiations.

The original two‑week cease-fire was set to lapse tomorrow evening Washington time, a deadline Trump had earlier suggested he would not honor. Earlier this week, the president hinted the extension was unlikely, prompting markets to brace for renewed tension. WSJ’s live blog has tracked each development in real time.

Meanwhile, Iran‑backed Iraqi militias have launched explosive drones at Saudi Arabia and other Gulf states, raising regional security concerns. Oil futures responded with a modest climb as traders priced in the risk of supply disruptions, while equity indices slipped on heightened geopolitical uncertainty across major markets.

Investors will watch oil price volatility closely, as the indefinite extension keeps the diplomatic timeline open but does not guarantee de‑escalation. The continued blockade sustains leverage for Washington, yet any escalation could reignite sanctions risk, influencing energy stocks and emerging‑market exposure for global portfolios today.