What began as Pakistan-mediated talks in Islamabad has hardened into a maritime standoff. After a two-week ceasefire collapsed in late April, Trump ordered a naval blockade of Iranian ports while Tehran restricted the Strait of Hormuz, sending Brent past $115 and US gasoline above $4. Vance's planned trip was cancelled; Iran's negotiating team now answers to new Supreme Leader Mojtaba Khamenei, with Speaker Qalibaf managing talks. The 60-day War Powers deadline lapsed May 1, with Trump declaring hostilities 'terminated.' A drone strike on an Adnoc tanker and 'Project Freedom' escorts now test whether the ceasefire holds at all.