U.S. President Trump aims to secure an agreement with Iran within a week to extend the ceasefire and reopen the Strait of Hormuz, according to ABC News. This development comes as Iran suspends negotiations with the U.S. and plans to blockade the Strait of Hormuz, a critical chokepoint for global oil transport, escalating geopolitical tensions in the Middle East. The potential blockade has already impacted global markets, with WTI crude oil prices rising 5.85% to $92.47 per barrel and Brent crude increasing 4.62% to $95.33 per barrel. The situation has heightened concerns over oil supply disruptions, contributing to the volatility in the energy sector.