The latest news indicates that an Iranian diplomatic source stated that preparations for negotiations between Iran and the U.S. in Pakistan might achieve a breakthrough "tonight or tomorrow."

Meanwhile, the U.S. military stated it has boarded and inspected a tanker suspected of smuggling Iranian oil. As the maritime standoff between the two nations intensifies, the Strait of Hormuz remains effectively blockaded.

Previously, Iran officially declined on the 21st to attend the second round of negotiations scheduled for the 22nd. In response, U.S. President Trump announced that, at the request of Pakistan, he has agreed to extend the U.S.-Iran ceasefire until Iran submits its proposal and completes relevant consultations. (Trading Key – Continue Reading)

Managers in Germany are expected to express further pessimism about the business environment as Iran reports that it has taken control of two ships in the Strait of Hormuz.

An economists’ poll said the headline business climate index for Germany due Friday from the country’s Ifo economics institute was forecast to drop to 85.3 points from March’s reading of 86.4, which was the worst since February of last year.

The expectations measure of the index for the coming six months is projected to decline to 85.0 points from 86.0, while April’s current assessment reading set to ease to 86.2 from 86.7 in the previous month. (LiveSquawk – Continue Reading)

The Trump administration plans to extend a shipping waiver that allows foreign tankers to move oil and gasoline around the US, a bid to counter supply disruptions and higher prices triggered by the war in Iran.

The decision to continue exempting energy shipments from the 1920 Jones Act is set to be announced as soon as Friday, according to people familiar with the matter who requested anonymity to discuss private deliberations. It comes as the world drains pre-war crude inventories that have provided a buffer against the near-paralysis of cargoes through the Strait of Hormuz. (Bloomberg – Continue Reading)

Peak travel season is almost here, but the International Energy Agency’s head told CNBC that Europe may struggle to meet surging jet fuel demand as the Middle East crisis continues.

The IEA’s chief Fatih Birol said that Europe needs to secure alternative sources of jet fuel as the Strait of Hormuz, which previously carried roughly 20% of the world’s oil supply, remains closed.

“In August, jet fuel demand is about 40% higher than in March, so demand will increase, and if the supply stays where it is now, the challenge can be even bigger, but I very much hope that Europe will be importing energy,” Birol said in a conversation with CNBC’s Steve Sedgwick at CONVERGE LIVE in Singapore on Thursday. (CNBC – Continue Reading)