Trump Extends Iran Ceasefire as Tehran Loses $500M Daily, Seizes Ships in Hormuz

President Trump extended the two-week US-Iran ceasefire, started April 8 via Pakistan mediation, to allow negotiations while upholding the naval blockade costing Tehran $500 million daily in oil exports. Iran seized commercial ships in the Strait of Hormuz hours after the announcement, breaching the truce per US officials. These moves threaten global oil prices, with Hormuz reopening talks set for London.