(Bloomberg) — US President Donald Trump said he’s not likely to extend the two-week ceasefire with Iran, increasing the urgency for negotiators to conclude a deal to end the war.
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Trump said in a Monday phone interview that the truce, which he announced April 7, expires on “Wednesday evening Washington time” — possibly buying more time for negotiations. But the president also said it’s “highly unlikely that I’d extend it” if no deal is reached before then.
“I’m not going to be rushed into making a bad deal. We’ve got all the time in the world,” the president said.
In the interview, Trump reiterated that the Strait of Hormuz would stay blockaded for now, saying “the Iranians desperately want it opened. I’m not opening it until a deal is signed.” Iran previously said it would open the critical waterway for energy supplies to international shipping, but reversed that decision in light of Trump’s refusal to follow suit.
Details about the next negotiating session, expected to take place in Pakistan, started to came into focus on Monday. Iran is also sending a team, according to people familiar with the plans who declined to be identified, although it is not clear who would lead the delegation. Earlier, Tehran said it was hesitant to participate in further peace talks with the US.
Vice President JD Vance is leaving later on Monday to resume negotiations, “either Tuesday night or Wednesday morning,” Trump said. He is expected to be joined by Trump’s son-in-law Jared Kushner and special envoy Steve Witkoff.
The president sounded an optimistic note about the discussions, saying he would love to participate in person, but did not think it would be necessary.
“There’s going to be a meeting. They want a meeting, and they should want a meeting. And it can work out well,” Trump said.
At the same time, both sides sought to jockey for leverage ahead of negotiations. Iranian President Masoud Pezeshkian posted on X that “deep historical mistrust in Iran toward U.S. gov conduct remains” and declared that “Iranians do not submit to force.” That message came after Trump said Iran would “be hit very hard” if no deal is reached.
Trump’s comments and Tehran’s decision to dispatch negotiators represented fresh signals the two sides are continuing to work on a deal to end the war that began in late February, when the US and Israel struck Iran. Those attacks prompted Iranian forces to hit US bases in the region and destroy oil and gas infrastructure belonging to American allies in the Persian Gulf, triggering a worldwide energy crisis.
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Events of the last few days have shifted rapidly, underscoring the risks if the talks are derailed.
Equities dropped from all-time highs on Trump’s comments about a ceasefire extension, pausing a five-day winning streak. Oil prices rose on Monday, with benchmarks up by more than 5% and Brent trading near $95 a barrel as of 2:10 p.m. in New York. Investors are closely watching how or when energy flows through the strait will meaningfully resume.
Last Friday, Trump posted on social media that a deal was all but agreed to and Iran announced it was reopening the strait. But shortly afterward, Tehran shuttered the waterway again when Trump declined to call off the US blockade. Over the weekend, the US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman.
“I have it closed. I took their ship. I got five other ships I’ll take today if I have to,” Trump said in the phone interview.
Beyond the strait, arguably the most fraught issue is Iran’s nuclear program. Trump has demanded Iran forswear any ambitions for a nuclear weapon and hand over stockpiles of enriched uranium. Tehran has balked at giving up its uranium and has said its nuclear program is for peaceful purposes.
Trump and advisers see his varying comments about what might happen if the ceasefire deadline lapses as creating strategic ambiguity that the US could exploit in talks, said a White House official, who requested anonymity to describe internal thinking.
Yet that uncertainty has the potential to create misunderstandings with Iranian negotiators, who are simultaneously grappling with internal divisions among the country’s leaders.
Conservative elements within the Iranian government and military leadership, including those at the top of the Islamic Revolutionary Guard Corps, have taken the continuation of the US blockade as a further signal that Trump can’t be trusted, according to US and Iranian officials.
The IRGC’s leader, Ahmad Vahidi, is among those in that camp and is pushing for a tough negotiating stance, people familiar with the dynamics said.
There is a divide between the likes of Vahidi and less ideological figures, such as Pezeshkian and Foreign Minister Abbas Araghchi, who are more inclined to reach an accord with Washington, said the US and Iranian officials.
Despite the standoff, there’s still a good chance of a deal between the US and Iran in the next few days that effectively ends the war, even if more negotiations are needed over nuclear and military issues, the officials said.
Trump is facing pressure at home to end the war, with polls showing most Americans disapproving of the conflict. The president campaigned on keeping the US out of foreign entanglements and lowering consumer prices, two pledges strained by his decision to launch the war.
Trump has sought to assuage those worries, insisting that fuel prices will fall quickly once the war ends and that the US is not embroiled in a quagmire.
The conflict has already stretched beyond the four-to-six week timeline Trump initially set, and he has repeatedly suggested the conflict was nearing a conclusion. At the same time, he’s urged Americans to have patience, noting that other US wars dragged on for years.
“Vietnam lasted how many decades, right? Vietnam lasted years. Afghanistan lasted years. They all lasted years,” Trump said. “I’m not going to be rushed into making a bad deal by treasonous senators and treasonous congresspeople.”
–With assistance from Ben Bartenstein, Fiona MacDonald, Josh Wingrove, Devika Krishna Kumar, Meghashyam Mali, Paul Wallace and John Bowker.
(Updates with new market data, additional details and background throughout)
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