Overview
- White House officials said Thursday that a second round of U.S.–Iran talks will likely take place in Islamabad to seek a ceasefire extension and a path to reopen the Strait of Hormuz.
- Defense Secretary Pete Hegseth said the port blockade would continue without a set end date, and the U.S. Navy reported turning back 10 Iranian oil tankers in the Strait of Hormuz, a route that carries about a fifth of seaborne oil.
- Iranian leaders threatened U.S. warships and reasserted plans to charge tolls in the waterway, underscoring Tehran’s pushback against U.S. naval control.
- Global stocks notched fresh highs following Wednesday’s surge, while prediction markets put low odds on a near‑term deal but a higher chance the blockade is lifted by May 31.
- Iran’s government estimates roughly €229 billion in war damage with major industrial shutdowns and layoffs, and experts say restoring key petrochemical hubs could take years under sanctions.