Donald Trump told Fox News on Saturday that US envoys Steve Witkoff and Jared Kushner will no longer travel to Pakistan for talks with Iran.
Trump said the trip was not worthwhile, claiming that the United States “holds all the cards” in the war and does not need to send a delegation on an 18-hour flight for unproductive discussions. He added that Iran is free to reach out to Washington at any time, stressing that his team would not make such long trips “to sit around talking about nothing.”
This is the report from Fox News:
President Trump just told me over the phone he has unilaterally cancelled Witkoff and Kushner’s trip to Pakistan to meet with the Iranians.
“I’ve told my people a little while ago they were getting ready to leave, and I said, ‘Nope, you’re not making an 18 hour flight to go there. We have all the cards. They can call us anytime they want, but you’re not going to be making any more 18 hour flights to sit around talking about nothing’.”
This all appeared to be breaking down on Friday but the market didn’t care, or didn’t understand what was happening, or I’m missing something else.
As far as I can see, we’ve reached a stalemate and the US is blocking Iranian ships and Iran is blocking everyone else’s ships. Trump and his team have been touting all the tankers heading to the US to pick up oil but they’re going to very quickly find out that prices will rise as supplies are drawn.
The next question is: What breaks the stalemate? Can there be negotiations or are more bombs coming?
We are still more than 24 hours until markets re-open but as it stands, this is bullish for oil and bearish for pretty much everything else.
