The two-week ceasefire between the United States and Iran expired on April 22, 2026. Last-ditch diplomatic efforts failed to reach an agreement before the deadline passed. President Trump previously described a truce extension as highly unlikely. Iran maintains it will not negotiate while the U.S. naval blockade remains active.
The end of the truce places global oil supplies at renewed risk. Iran previously closed the Strait of Hormuz, halting nearly 10 million barrels of daily crude transit. Energy markets are now pricing in a significant geopolitical risk premium. The potential for resumed military activity has become the primary market focus.