Iran's military threatened on Wednesday (April 15, 2026) to shut down the Red Sea trade unless the United States lifted its naval blockade on Tehran's ports, saying the ceasefire was at risk.
The warning came as a Pakistani delegation arrived in Tehran bearing a new message from Washington after a first attempt at a peace deal fell flat, with U.S. President Donald Trump indicating talks could resume this week.
U.S. Vice President J.D. Vance, who led last weekend's abortive talks, said the Islamic Republic was being offered a "grand bargain" to end the six-week war and address the decades-old dispute over Tehran's nuclear programme.
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Stocks rose, and crude dropped as markets eyed chances of a deal to get oil flowing again through the Strait of Hormuz -- choked by Iranian forces since the U.S.-Israeli offensive began, and now the focus of the U.S. blockade.
