Trump-Iran Ceasefire Collapses — Vance Walks Out of Islamabad Talks, Hormuz Blockade Ordered

President Trump announced a two-week ceasefire with Iran on April 8, 2026, with Iran agreeing to reopen the Strait of Hormuz. VP Vance led the US delegation in direct face-to-face talks with Iran in Islamabad on April 11-12 — the first such engagement since 2015 — but the talks collapsed after 21 hours without agreement on April 12. Iran rejected US demands for a nuclear non-proliferation commitment; the US rejected Iranian demands for Hormuz toll rights, reparations, and asset release. Trump immediately ordered a US Navy blockade of the Strait of Hormuz, and WTI crude surged nearly 6% to ~$105/barrel.