U.S. President Donald Trump has signaled that ceasefire negotiations with Iran could resume within two days. He has also announced domestic tour plans for later this week, showing renewed attention to the U.S. economy. Oil prices plunged on expectations of resumed talks.
"You really should stay there," Trump told a New York Post reporter in Islamabad, Pakistan on Wednesday (local time), "because something could happen in the next two days, and it's more likely that we'll go there."
The U.S. and Iran agreed to a two-week ceasefire on May 7. Additional discussions are needed by this weekend for the ceasefire to be extended or for a peace agreement to be reached.
On expectations of resumed negotiations, Brent crude futures for June delivery fell 4.6% to $94.79 per barrel on the New York Mercantile Exchange. West Texas Intermediate (WTI) crude for May delivery plunged 7.9% to $91.28 on the ICE Futures Exchange.
However, while floating the possibility of talks, Trump has also intensified pressure. When asked about reports that the U.S. demanded Iran halt its uranium enrichment program for at least 20 years in the first round of talks, Trump said, "I've said they can't have nuclear weapons," adding, "So I don't like the '20-year' timeframe." He also added, "I don't want Iran to feel like they've won." The Wall Street Journal and New York Times reported the previous day that the U.S. demanded a 20-year halt to uranium enrichment while Iran offered a maximum of five years.
The U.S. is also expected to end sanctions waivers on Iranian oil as scheduled. Reuters reported, citing sources, that the U.S. plans to end measures allowing the sale of Iranian oil stranded at sea after May 19. The U.S. had previously allowed the sale of stranded Iranian oil for 30 days starting April 20.
Meanwhile, Trump appears to be refocusing on domestic economic issues. According to the White House, Trump will visit Las Vegas, Nevada on Friday and Phoenix, Arizona on Saturday to promote his policy of tax exemptions on tips and overtime pay. White House Press Secretary Karoline Leavitt said in a briefing last week, "You're going to hear a lot about how President Trump's policies have helped Americans," previewing the Nevada and Arizona tour.
Since late last year, White House aides have been advising Trump that he needs to continue domestic tours ahead of the 2026 midterm elections to show the government is working to lower the cost of living. However, Trump has dismissed "cost of living" as a Democratic campaign slogan and has focused on foreign affairs including military operations in Venezuela, pressure on Greenland, and the Iran conflict.
While this domestic tour was planned around the April 15 tax filing deadline, observers note that Trump's decision to focus on domestic issues during wartime suggests his attention may be shifting somewhat back to internal affairs. The White House and Republicans have determined that the period around the tax filing deadline—when Americans can feel the effects of last year's major tax cut legislation—is the optimal time to promote economic policies. On Tuesday, Trump also promoted his policies by giving a $100 tip to a DoorDash delivery driver who delivered McDonald's to the White House.
Meanwhile, the bottleneck at the Strait of Hormuz appears to be easing. The Wall Street Journal reported, citing two U.S. officials, that more than 20 tankers, cargo ships, and container vessels passed through the strait in the past 24 hours.
