With a two-week ceasefire set to expire this week, the senior Iranian official said Tehran was “positively reviewing” its participation but no final decision had been made

International News via Reuters:

Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran’s ports, a major hurdle for Tehran to rejoin peace efforts.

However, the official stressed that no decision had been made.

Adding to the uncertainty, a source told Reuters that Vice President JD Vance was still in the U.S., denying reports that he was already on his way to Pakistan’s capital Islamabad for talks.

With a two-week ceasefire set to expire this week, the senior Iranian official said Tehran was “positively reviewing” its participation but no final decision had been made. The comments conveyed a clear change of tone from earlier statements ruling out attendance and pledging to retaliate for U.S. aggression.

The Iranian official said mediator Pakistan was making positive efforts to end the U.S. blockade and ensure Iran’s participation.

BLOCKADE POSES A PROBLEM

The ceasefire had appeared in jeopardy after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate.

A Pakistani security source said Pakistan’s key mediator, Field Marshal Asim Munir, had told U.S. President Donald Trump the blockade was an obstacle to talks, and that Trump had promised to consider ending it.

The U.S. was hoping to start negotiations in Pakistan shortly before the ceasefire expires, with sweeping security preparations under way in Islamabad.

However, Iran’s President Masoud Pezeshkian said that “unconstructive & contradictory signals from American officials carry a bitter message; they seek Iran’s surrender.”

“Iranians do not submit to force,” he added on X.

U.S.-IRAN CEASEFIRE SET TO EXPIRE

Trump announced the two-week ceasefire with Iran on April 7, and has not specified when precisely it ends.

A Pakistani source involved in the talks said it would expire at 8 p.m. ET on Wednesday, which would be midnight GMT or 3:30 a.m. Thursday in Iran.

The U.S. has maintained its blockade of Iranian ports, while Iran lifted and then reimposed its own blockade of the Strait of Hormuz, which typically handles roughly one-fifth of the world’s oil and liquefied gas supply.

Oil prices rose around 5% as traders remained fearful that the ceasefire would collapse. Traffic through the Strait of Hormuz was at a virtual standstill with just three crossings in the space of 12 hours, according to shipping data. [O/R]

U.S. MARINES BOARD IRANIAN VESSEL

The U.S. military said it had fired on an Iranian-flagged cargo ship headed towards Iran’s Bandar Abbas port on Sunday after a six-hour standoff, disabling its engines. U.S. Central Command released video showing

Marines descending ropes from helicopters onto the vessel.

The vessel is likely to have been carrying what Washington deems dual-use items that could be used by the military, maritime security sources said on Monday.

Iran’s military said the ship had been travelling from China and accused the U.S. of “armed piracy”, according to state media. They said they were ready to confront U.S. forces over the “blatant aggression”, but were constrained by the presence of crew members’ families on board.

China, the main buyer of Iranian crude, expressed concern over the “forced interception”, and Chinese President Xi Jinping called for ships to resume passage through the strait as normal and for the conflict to be resolved through political and diplomatic channels, state news agency Xinhua reported.

Trump warned on Sunday that the U.S. would destroy every bridge and power plant in Iran if it rejected his terms, continuing a recent pattern of such threats.

Iran has said that if the United States were to attack its civilian infrastructure, it would strike power stations and desalination plants in its Gulf Arab neighbours.

PREPARING FOR TALKS THAT MIGHT NOT HAPPEN

Pakistan geared up to host the talks despite uncertainty over whether they would go ahead. Nearly 20,000 security personnel have been deployed across the capital Islamabad, a government official and a security official said.

Thousands of people have been killed by U.S.-Israeli strikes on Iran and in an Israeli invasion of Lebanon conducted in parallel since the war began on February 28, where a truce is also currently in place. Washington will host a second round of ambassador-level talks between Lebanon and Israel on Thursday as part of efforts to protect a fragile ceasefire.

Reporting Reuters bureaus; Writing by Andy Sullivan, John Geddie, Alexandra Hudson and Keith Weir; Editing by Lincoln Feast, Kevin Liffey and Alison Williams

Brent crude futures advanced $5.08, or 5.62%, to $95.46 a barrel by 1:19 p.m. ET (1719 GMT) and U.S. West Texas Intermediate was up $5.04, or 6.01%, at $88.89

International News via Reuters:

Oil prices jumped more than 5% in Monday trading on fears that a fragile ceasefire between the U.S. and Iran could break down after the U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.

Brent crude futures advanced $5.08, or 5.62%, to $95.46 a barrel by 1:19 p.m. ET (1719 GMT) and U.S. West Texas Intermediate was up $5.04, or 6.01%, at $88.89.

Both contracts had tumbled by 9% on Friday for their largest daily declines since April 18 after Iran said that passage for all commercial vessels through the Strait of Hormuz was open for the remainder of the ceasefire. 

U.S. President Donald Trump, meanwhile, said that Iran had agreed never again to close the strait through which about a fifth of the world’s oil supply passed before the war began almost two months ago.

“The strait remains under a double blockade,” said Nikos Tzabouras, market analyst at Tradu, noting a looming ceasefire deadline and uncertainty over any agreement being reached. “These factors can push crude even higher and, even if a resolution is achieved, it will be hard for prices to return to pre-war levels as supply is unlikely to be restored overnight.”

The United States said on Sunday that it had seized an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption in hostilities.

Iran is considering attending the peace talks, a senior Iranian official told Reuters on Monday, but no decision had been made.

Trump, asked over the weekend about the chance of an extension, said: “I don’t know. Maybe not. Maybe I won’t extend it. But the blockade is going to remain.”

“The volatility is going to continue, but even with the increased tensions, WTI is below $100 a barrel and gasoline prices are trending lower,” said Phil Flynn, senior analyst with Price Futures Group. “We’re starting to see that the market is starting to adjust. High prices start to cure high prices.”

Shipping traffic through the Strait of Hormuz remained at a virtual standstill on Monday, with only three crossings in the past 12 hours, shipping data showed.

More than 20 ships passed through the strait on Saturday, carrying oil, liquefied petroleum gas, metals and fertilisers, Kpler data showed. That was the highest number of vessels crossing the waterway since March 1.

Elsewhere, China is curtailing refined fuel exports rather than banning them, with countries including Malaysia and Australia receiving supplies even after Beijing extended last month’s restriction into April, according to shipping data and traders.

Reporting by Nicole Jao in New York, Stephanie Kelly in London, Florence Tan and Siyi Liu in SingaporeEditing by David Goodman and Nick Zieminski

The U.S.-Israeli ​war with Iran and Tehran’s retaliation have sparked a supply crisis, ​with European airlines calling on the EU ​to deploy emergency measures to address growing concerns over jet fuel shortages

International News via Reuters:

Spain would actively participate in a potential European Union plan to share jet fuel stocks and sees joint purchases as an option, its Energy Minister Sara Aagesen said on Monday, as data showed Europe will see higher inflows from the United States and Nigeria as it seeks to shore up supplies.

The U.S.-Israeli ​war with Iran and Tehran’s retaliation have sparked a supply crisis, ​with European airlines calling on the EU ​to deploy emergency measures to address growing concerns over jet fuel shortages. The EU depends on the Gulf for nearly 75% of its jet fuel imports, which have been disrupted due to the Strait of Hormuz being effectively shut.

“Spain has always demonstrated its commitment to solidarity and working together. We will see what the proposal entails and we will participate actively,” Aagesen said.

A joint purchasing platform would help increase purchasing power and allow countries to offer more affordable prices, Aagesen said, adding that it was an option she expected the European Commission to consider.

Thanks to its fleet of refineries and supplies coming largely from the Americas and North Africa, Spain was better placed to weather a supply crisis than other European countries, she said.

Spain’s refiners have increased output by up to 60% from normal levels at some facilities, allowing the country to approach the busy summer season with kerosene stocks at maximum levels, she said.

Jet fuel prices hit a record high last month and remain elevated, hovering near $175 a barrel, having almost doubled since the war started.

INFLOWS FROM US AND NIGERIA

Europe is expected to see higher inflows of jet fuel from the United States and Nigeria this week compared to the previous week, data from Kpler and LSEG showed.

U.S. supply to Europe looks set to reach 164,000 to 174,000 barrels per day so far in April, based on vessels discharged and those still due. That compares to between 149,000 and 200,000 bpd expected last week, a record according to data going as far back as 2015 on LSEG and 2017 on Kpler.

April imports from Nigeria were around 78,000 to 96,000 bpd so far, data from both sources showed. That is also the highest on record and highlights the country’s growing role as a supplier of aviation fuel since the 2024 launch of the Dangote refinery, Africa’s largest.

Levels of jet fuel inventories fell to their lowest in four years last week at the Amsterdam-Rotterdam-Antwerp storage hub, data on independently held stocks showed. [ARA/]

Flights in Europe could start to be cancelled from the end of May due to a lack of jet fuel, International Air Transport Association Director General Willie Walsh said last week, highlighting the risk of disruption to the busy summer travel season.

Writing by Alex Lawler; Editing by Charlie Devereux, Joe Bavier and Bill Berkrot

Adding to the uncertainty, a source told Reuters that Vice President JD Vance was still in the U.S., denying reports that he was already on his way to Pakistan’s capital Islamabad for talks

International News via Reuters:

Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran’s ports, a major hurdle for Iran to rejoin peace efforts.

However, the official stressed that no decision had been made.

Adding to the uncertainty, a source told Reuters that Vice President JD Vance was still in the U.S., denying reports that he was already on his way to Pakistan’s capital Islamabad for talks.

With a two-week ceasefire set to expire, the senior Iranian official said Tehran was “positively reviewing” its participation but no final decision had been made. The comments conveyed a clear change of tone from earlier statements ruling out attendance and pledging to retaliate for U.S. aggression.

The Iranian official said mediator Pakistan was making positive efforts to end the U.S. blockade and ensure Iran’s participation.

SECURITY PREPARATIONS

The ceasefire had appeared in jeopardy after the U.S. said it had seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate.

Iranian Foreign Ministry spokesman Esmaeil Baghaei said on Monday that Washington had shown it was “not serious” about pursuing the diplomatic process, and that Tehran would not change its demands.

The U.S. was hoping to start negotiations in Pakistan shortly before the ceasefire expires, with sweeping security preparations under way in Islamabad, but Baghaei said the U.S. was “insisting on some unreasonable and unrealistic positions”.

A Pakistani security source said Pakistan’s key mediator, Field Marshal Asim Munir, had told U.S. President Donald Trump the blockade was an obstacle to talks, and that Trump had promised to consider the advice.

U.S.-IRAN CEASEFIRE SET TO EXPIRE

Trump announced the two-week ceasefire with Iran on April 7, and has not specified when precisely it ends.

A Pakistani source involved in the talks said it would expire at 8 p.m. EST on Tuesday, which would be midnight GMT or 3:30 a.m. Wednesday in Iran.

Asked over the weekend about the chance of an extension, Trump replied: “I don’t know. Maybe not. Maybe I won’t extend it. But the blockade is going to remain.”

The U.S. has maintained its blockade of Iranian ports, while Iran lifted and then reimposed its own blockade of the Strait of Hormuz, which typically handles roughly one-fifth of the world’s oil and liquefied gas supply.

Oil prices rose around 5% as traders remained fearful that the ceasefire would collapse. Traffic through the Strait of Hormuz was at a virtual standstill with just three crossings in the space of 12 hours, according to shipping data. [O/R]

U.S. MARINES BOARD IRANIAN VESSEL

The U.S. military said it had fired on an Iranian-flagged cargo ship headed towards Iran’s Bandar Abbas port on Sunday after a six-hour standoff, disabling its engines. U.S. Central Command released video showing Marines descending ropes from helicopters onto the vessel.

The vessel is likely to have been carrying what Washington deems dual-use items that could be used by the military, maritime security sources said on Monday.

Iran’s military said the ship had been travelling from China and accused the U.S. of “armed piracy”, according to state media. They said they were ready to confront U.S. forces over the “blatant aggression”, but were constrained by the presence of crew members’ families on board.

China, the main buyer of Iranian crude, expressed concern over the “forced interception”, and Chinese President Xi Jinping called for ships to resume passage through the strait as normal and for the conflict to be resolved through political and diplomatic channels, state news agency Xinhua reported.

Trump warned on Sunday that the U.S. would destroy every bridge and power plant in Iran if it rejected his terms, continuing a recent pattern of such threats.

Iran has said that if the United States were to attack its civilian infrastructure, it would strike power stations and desalination plants in its Gulf Arab neighbours.

PREPARING FOR TALKS THAT MIGHT NOT HAPPEN

Pakistan geared up to host the talks despite uncertainty over whether they would go ahead. Nearly 20,000 security personnel have been deployed across the capital Islamabad, a government official and a security official said.

European allies, repeatedly criticised by Trump for not aiding his war effort, worry that Washington’s negotiating team is pushing for a swift, superficial deal that would require months or years of technically complex follow‑on talks.

Thousands of people have been killed by U.S.-Israeli strikes on Iran and in an Israeli invasion of Lebanon conducted in parallel since the war began on February 28, where a truce is also currently in place.

Iran responded to the attacks with missiles and drones against Israel and nearby Arab countries that host U.S. bases.

Reporting Reuters bureaus; Writing by Andy Sullivan, John Geddie, Alexandra Hudson and Keith Weir; Editing by Lincoln Feast, Kevin Liffey and Alison Williams