00:00U.S. President Donald Trump announced late on Tuesday, shortly before a fragile truce with
00:06Iran was set to expire, that it has been extended indefinitely to allow diplomatic efforts to
00:12continue. Trump says the extension comes after Pakistan's Prime Minister Shehbaz Sharif and
00:18top military official, Field Marshal Asim Munir, made a request as they scrambled to arrange the
00:24second round of high-stakes peace talks in Islamabad. Talks were initially slated for Monday, but
00:32Tehran withdrew after the U.S. enforced its naval blockade of Iranian ports and seized a cargo
00:37vessel on Sunday, which they called a violation of the ceasefire. The extension was welcomed by
00:43the international community. It is very important that we give continuity to the process. This is a
00:49complex process. We have the nuclear aspect, which is, of course, extremely complex, and
00:54this is the one where I, as IEA, have been engaging with. But there are, of course, other important
01:03issues related to the Hormuz passage, related to ballistic missiles, related to regional questions.
01:09So I think it's very important that an opportunity for peace is given.
01:13Iran has yet to officially react to news of the extension, but the spokesperson for the
01:18Revolutionary Guards Khatam al-NBA unit vowed a strong response in the event of any U.S. or
01:23Israeli aggression. In a written message broadcast on Iranian state-run TV, the unit said it will, quote,
01:31attack predetermined targets with power to teach the U.S. and Israeli regimes a lesson more severely
01:37than before. Meanwhile, the vital Strait of Hormuz, through which 20 percent of the world's oil
01:44exports typically pass, remains closed and global crude prices continue to soar. Brent crude, the
01:51international standard, traded at close to $99 a barrel on Wednesday, up roughly $4 per barrel
01:58compared to a day prior, as markets anticipated a resumption of hostilities.
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