U.S.-Iran Peace Talks Stall as Vice President Cancels Pakistan Trip; Brent Crude Holds Above $98

According to reports, U.S.-Iran peace talks stalled on Wednesday, May 7, after Tehran notified Washington through Pakistan that it would not participate in planned negotiations. Vice President Vance canceled his scheduled trip to Islamabad as a result. Iran stated it will not reopen the Strait of Hormuz as long as U.S. naval forces continue intercepting vessels.

President Trump extended the U.S.-Iran ceasefire agreement and noted that Tehran's leadership is "severely divided," stating the truce will remain in effect until Iranian leaders present a "unified plan" to end the conflict. The ongoing tensions continue to strain energy supplies, with estimated demand losses approaching 4 million barrels per day and potentially rising to 5 million barrels daily, representing roughly 5% of global supply.