President Trump is pairing his Iran blockade with a sales pitch: Countries squeezed by the Strait of Hormuz — especially China — should buy more oil from the U.S. instead.
Why it matters: The U.S. rise to become the world's largest oil and gas producer — and largest exporter of liquefied natural gas — provides geopolitical leverage that Trump is attempting to wield.
The U.S. and Iran didn't reach an agreement during marathon negotiations on Saturday in Pakistan.
Why it matters: The deadlock in the talks puts the two-week ceasefire agreed last week in limbo, with the possibility of renewed and escalating warfare.
Direct negotiations between the U.S. and Iran, mediated by Pakistan, began in Islamabad on Saturday, according to a White House official.
Why it matters: While the meeting itself is historic — the highest-level engagement between U.S. and Iranian officials since 1979 — the chances for success appear low. Both sides know the risk of failure is renewed war, but have clashing visions for peace.
