Collapse of Iran Nuclear Discussions — Trump Dismisses Hormuz Agreement as Tehran's Time is Ticking

The most recent offer from Iran to resolve the US-Iran conflict — which included reopening the Strait of Hormuz while delaying discussions on nuclear issues — has been turned down by the Trump administration, which maintains that any agreement must prioritize Tehran's nuclear activities. Oil prices have soared beyond $100 per barrel, with WTI crude experiencing a seven-day rise, as the World Bank cautioned on April 28 that global energy costs are projected to surge by 24 percent in 2026 — marking the most significant energy price spike since Russia's invasion of Ukraine in 2022. The Strait of Hormuz is practically shut down, with oil shipments plummeting from 20 million barrels daily prior to the conflict to a mere 3.8 million. Pakistan has disassembled its negotiation framework in Islamabad, indicating that the next phase of direct discussions has hit a standstill.