U.S. and Iranian delegations have arrived in Islamabad, Pakistan on Saturday for peace talks.
Led by Parliament Speaker Mohammad Baqer Qalibaf, Iran's delegation also includes Foreign Minister Seyed Abbas Araghchi and other senior officials. Qalibaf says Tehran has goodwill toward the negotiations but has no trust in the U.S. He says Iran is ready to reach an agreement if Washington offers what he describes as a genuine deal and respects Iran's rights.
The U.S. team, led by Vice President JD Vance, also includes U.S. President Donald Trump's special envoy Steve Witkoff and the president’s son-in-law Jared Kushner. Vance says he expects a positive outcome from the talks.
Security has been tightened around the Islamabad Serena Hotel, the proposed venue for the high-stakes talks.
Before the negotiations, the Iranian delegation is expected to meet with Pakistani Prime Minister Shahbaz Sharif.
A two-week ceasefire between Iran and the U.S. took effect on Tuesday, but failed to resolve disputes over the Strait of Hormuz and other flash points.
US, Iranian delegations in Islamabad for talks
U.S. stocks and global gold prices plummeted while crude futures surged after U.S. President Donald Trump announced a naval blockade of the Strait of Hormuz on Sunday.
Trump said in a post on Truth Social that the U.S. Navy would begin blocking ships trying to enter or leave the Strait of Hormuz, after peace talks with Iran failed to produce a deal.
U.S. stocks market reacted strongly to his announcement, with futures of Dow Jones Industrial Average, S&P 500 and Nasdaq Composite Index nosediving by over 1 percent.
Meanwhile, global gold prices also tumbled. June gold futures on the New York Mercantile Exchange fell below 4,700 U.S. dollars per ounce, with losses at one point exceeding 2 percent.
The oil prices, on the contrary, rose significantly. As of 6:50 a.m. Beijing time on Monday, the West Texas Intermediate futures for May delivery soared 8.13 percent to settle at 104.42 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude futures for June delivery increased 7.52 percent to settle at 102.36 U.S. dollars a barrel on the London ICE Futures Exchange.
U.S. media reported that the failure of Iran-U.S. peace talks concerns the market, as the war could last longer than expected, which will further push up the oil prices and put more pressure on global economy.
US stocks, gold prices plunge as crude futures surge after Trump announces blockade of Strait of Hormuz
