US-Iran Peace Talks Stall as Trump Cancels Delegation Trip and Oil Prices Surge

Peace talks between the United States and Iran have stalled, with President Trump canceling a planned delegation trip to Pakistan intended to advance negotiations. The decision left U.S. envoys Steve Witkoff and Jared Kushner in Washington, as Trump stated that Iran could initiate contact via telephone if ready to negotiate.

Multiple sources reported that the cancellation followed mounting tensions and Iran's refusal to make concessions. This visit followed stops in Oman and Pakistan, as mediators worked to sustain dialogue amid the impasse. Trump described the Iranian regime as suffering from infighting and emphasized that the U.S. holds a strong position in negotiations.

Global oil prices surged in response to the stalled talks, with West Texas Intermediate and Brent crude exceeding $100 per barrel for the first time since the conflict's escalation. US oil prices rose above $96 per barrel upon market reopening, reflecting heightened uncertainty.

The war has disrupted international gas flows due to the closure of the Strait of Hormuz and strikes on Persian Gulf energy infrastructure. Iran announced that the Strait of Hormuz remains open for the remaining ceasefire period, which temporarily eased some market pressures but did not prevent price spikes.

The Gas Exporting Countries’ Forum warned of potential structural demand destruction in global natural gas markets due to the hostilities.

Amid the conflict, Pakistan faces rising political and economic risks from its mediation role, as the faltered talks increase regional instability. Qatar is navigating security and economic challenges while balancing its position in the war. In related energy news, the Trump administration is advancing nuclear microreactor development with new guidance for private industry and a test bed facility to accelerate deployment.

Separately, Lockheed Martin CEO Jim Taiclet described the administration's Pentagon approach as aligning with company growth, citing expanded contracts amid the Middle East conflict. " — Jim Taiclet, Lockheed Martin CEO, during a Q1 2026 earnings call (The Guardian).

The administration also greenlit Biden-era carbon removal projects, including hubs in Texas and Louisiana backed by the Energy Department. Energy Secretary Chris Wright stated that the department reviewed over 2,000 projects to align with priorities like national security and taxpayer interests.

Trump dismissed the entire National Science Board, which oversees the National Science Foundation, marking a shift in federal science funding priorities. The NSF has experienced funding delays and reduced levels for research. In aviation, Trump suggested purchasing bankrupt Spirit Airlines to preserve jobs, though the idea drew backlash within his administration.

Speculation arose about potential airline mergers, including a floated United Airlines acquisition of American Airlines, which Trump has dismissed.

Amid global energy disruptions, renewable energy saw gains, with 2025 marked as a strong year for installations according to recent reports. A student-led solar panel project at Tantramar Regional High School in New Brunswick installed 16 panels to power an athletic facility, offsetting 2.7 metric tons of CO2 annually.

" — Josh Mullen, Grade 12 student, in an interview (CBC). Climate tech firms like nuclear startup X-energy went public, and geothermal company Fervo is preparing to follow, signaling potential investor interest despite market volatility.

The war also threatens Pacific tuna populations due to rising ocean temperatures, impacting regional economies.