U.S. officials have halted their attempt to restart talks with Iran after canceling a planned diplomatic trip, while Tehran has signaled it will not negotiate under pressure. The move comes as tanker traffic through the Strait of Hormuz has fallen to near zero. The Strait of Hormuz normally moves about one‑fifth of the world’s oil supply, and its closure has already tightened global energy balances. The ceasefire has largely held since early April, but both sides continue to enforce restrictions in the strait. Since the start of the blockade, dozens of ships have been redirected or turned back, according to U.S. Central Command. The dual blockade has sharply reduced maritime traffic, contributing to a growing supply shortfall. President Donald Trump wrote that the trip was canceled because “too much time wasted on traveling” and that Iran could call to talk. President Masoud Pezeshkian said Iran would not enter “imposed negotiations under threats or blockade.” U.S. forces intercepted another vessel in the Arabian Sea over the weekend as part of efforts to restrict Iran’s energy exports. With the blockade in place and diplomatic talks stalled, market participants anticipate that supply disruptions may persist in the near term, forcing buyers to scramble for alternative cargoes and reroute shipments outside the Gulf.