In an interview with the New York Post

• President Donald Trump said US warships are being reloaded with “the best ammunition” in case strikes on Iran resume
• Warned military action will follow if peace talks fail
• Said outcome of negotiations should be known within ~24 hours
• Peace talks taking place in Pakistan (Islamabad) following a two-week cease-fire
• US delegation includes JD Vance, Steve Witkoff, and Jared Kushner
• Iran expected to be represented by Abbas Araghchi and Mohammad Bagher Ghalibaf
• US demands include:
  • Hand over ~1,000 pounds of enriched uranium
  • Keep the Strait of Hormuz open to shipping
  • End support for regional proxy groups
  • Address ballistic missile program
• Iran maintains it has a right to enrich uranium
• Iran seeking lifting of US sanctions
• Strait of Hormuz only partially reopened; limited ship traffic since cease-fire
• Trump says reopening the strait is a critical condition for any deal
• Trump expressed distrust of Iran, citing conflicting statements on nuclear intentions

The clock is ticking on this one. The U.S. is heading into talks with Iran, but at the same time, Trump is making it clear the military option is loaded and ready to go if things fall apart.

The key sticking points are uranium, the Strait of Hormuz, and broader security issues, and there’s still a wide gap between the two sides.

So while there is a cease-fire and negotiations are underway (for 2-weeks or so they say), the market should understand this is far from resolved — and the next 24 hours could quickly shift the story back toward escalation if a deal isn’t reached.