The United States is currently in a standoff with Iran regarding the resumption of peace talks, as tensions escalate over the Strait of Hormuz, a crucial passage for global oil shipments. President Donald Trump has extended a ceasefire, but there is no deadline for its expiration, according to White House Press Secretary Karoline Leavitt. Iran has stated it will not engage in negotiations while the US maintains a naval blockade on its ports. This blockade has reportedly cost Iran approximately $500 million daily in lost oil revenue, although the US has not provided evidence for this claim. The situation has led to rising energy prices, with Brent crude oil exceeding $100 per barrel for the first time since early April. The US military has also intercepted Iranian vessels, further escalating tensions. Both sides remain far apart on key issues, including Iran's nuclear program and its support for militant groups in the region. As the situation evolves, the potential for renewed conflict looms, impacting not just the Middle East but global markets as well.