Geopolitical events
U.S. President Donald Trump announced on April 25, 2026, the cancellation of a high--level diplomatic mission to Pakistan, where envoys Steve Witkoff and Jared Kushner were scheduled to negotiate a de--escalation of the conflict with Iran. The administration has shifted toward a strategy of "maximum economic pressure," maintaining a naval blockade of Iranian ports while indefinitely extending a pause on kinetic strikes. This pivot has introduced significant volatility into global energy markets, with U.S. domestic fuel prices exceeding $4 per gallon as a result of the ongoing maritime disruptions in the Persian Gulf.