Trump says Iran truce extension unlikely, Hormuz stays shut

United States President Donald Trump said it's "highly unlikely" he would extend the two-week ceasefire with Iran if a deal is not reached before it ends, and said the Strait of Hormuz would remain blocked until an agreement is finalized, Report informs referring to Financial Post.

Trump said in a Monday phone interview that Vice President JD Vance would leave later in the day to resume negotiations in Pakistan, which he said are set to begin Tuesday.

"I'm not going to be rushed into making a bad deal. We've got all the time in the world," the president said.

Trump said it's "highly unlikely that I'd extend it" when asked about the truce, which he announced April 7. Trump said the expiration of the ceasefire occurs on Wednesday.

"It's Wednesday evening," the president said. "Wednesday evening Washington time."

The price of crude has increased as the US maintains its blockade on the strait and the Navy seized an Iranian-flagged ship. But the president insisted "I'm not opening it up."

"They want me to open it. The Iranians desperately want it opened. I'm not opening it until a deal is signed," Trump said.