US-Iran Ceasefire Window Expires as Strait of Hormuz Traffic Halts

The Islamabad Memorandum's ceasefire period, signed in June, ended without clear resolution on sanctions, nuclear talks, or reopening the waterway, though some reports claim both sides approved an extension.

President Trump confirmed backchannel talks with Iranian officials, saying he's in no hurry and warning Iran to surrender or face consequences, even mentioning Oman.

Traffic through the strait, key for global oil, dropped to nearly zero amid attacks and uncertainty, while markets rallied on extension hopes and analysts warn of broader energy risks.