Trump Says He's Under 'No Pressure' to Make Quick Iran Deal

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Republican Representative Nicole Malliotakis said that while the US has the upper hand in negotiations with Iran, lawmakers need to be realistic about the impact constituents are feeling at home and the resulting political pressure on the Republican party. The New York Congresswoman also said that Congress must extend the Foreign Intelligence Surveillance Act Section 702 because it's critically important to confronting the threat of terrorism. Commercial traffic through the Strait of Hormuz is at a virtual standstill after a brief and confused reopening over the weekend ended with the first US seizure of an Iranian vessel — underscoring just how difficult it will be to restore activity in the vital strait. Transits through the waterway have reduced to a trickle over seven weeks of war in the Persian Gulf, as Iran tightens control in retaliation for US and Israeli strikes. On Friday, that paralysis appeared to be at an end as Iran and the US announced a reopening, prompting oil to plunge and vessels to rush for the crossing — only for the situation to rapidly unravel. By Sunday, the US navy had seized an Iranian cargo ship in waters off the Iranian port of Jask in the Gulf of Oman as it headed toward Hormuz — the first such move during this US blockade — raising the stakes for shipowners operating across the region and widening the area seen to be risky for transits. Benchmark oil jumped in response, as a historic supply crisis begins to look even more prolonged. “The continued volatility will deter most, if not all shipowners, to adopt a cautious ‘wait and see’ approach,” said Ivan Mathews, head of APAC analysis at Vortexa Ltd. As of Monday early afternoon in London, just two Iran-linked liquefied petroleum gas carriers, and two oil product tankers — including one with Iranian ties — had transited the strait in both directions during the day. Vice President JD Vance is leaving later on Monday to resume negotiations, “either Tuesday night or Wednesday morning,” Trump said. He is expected to be joined by Trump’s son-in-law Jared Kushner and special envoy Steve Witkoff. The president sounded an optimistic note about the discussions, saying he would love to participate in person, but did not think it would be necessary.  “There’s going to be a meeting. They want a meeting, and they should want a meeting. And it can work out well,” Trump said.  At the same time, both sides sought to jockey for leverage ahead of negotiations. Iranian President Masoud Pezeshkian posted on X that “deep historical mistrust in Iran toward U.S. gov conduct remains” and declared that “Iranians do not submit to force.” That message came after Trump said Iran would “be hit very hard” if no deal is reached.  Trump’s comments and Tehran’s decision to dispatch negotiators represented fresh signals the two sides are continuing to work on a deal to end the war that began in late February, when the US and Israel struck Iran. Those attacks prompted Iranian forces to hit US bases in the region and destroy oil and gas infrastructure belonging to American allies in the Persian Gulf, triggering a worldwide energy crisis. Events of the last few days have shifted rapidly, underscoring the risks if the talks are derailed.  Equities dropped from all-time highs on Trump’s comments about a ceasefire extension, pausing a five-day winning streak. Oil prices rose on Monday, with benchmarks up by more than 5% and Brent trading near $95 a barrel as of 2:10 p.m. in New York. Investors are closely watching how or when energy flows through the strait will meaningfully resume. Last Friday, Trump posted on social media that a deal was all but agreed to and Iran announced it was reopening the strait. But shortly afterward, Tehran shuttered the waterway again when Trump declined to call off the US blockade. Over the weekend, the US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman.  “I have it closed. I took their ship. I got five other ships I’ll take today if I have to,” Trump said in the phone interview. Beyond the strait, arguably the most fraught issue is Iran’s nuclear program. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: https://twitter.com/BloombergRadio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts: https://www.youtube.com/bloombergpodcasts Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake