The U.S. naval blockade of the Strait of Hormuz commenced on Monday morning, with President Donald Trump threatening to eliminate Iranian vessels attempting to breach it. By day’s end, indications of a potential new round of peace talks began to emerge. Two Pakistani officials, speaking anonymously to the Associated Press, revealed that Pakistan has offered to host a second round of negotiations in Islamabad.
In an interview on FOX News Channel’s “Special Report,” Vice President JD Vance acknowledged “some progress” on the U.S. demand for Iran to relinquish its nuclear material and implement mechanisms to prevent future uranium enrichment.
In Washington, federal lawmakers returned to Capitol Hill, possibly facing a reduced spending request from the White House to fund the Iranian conflict. Senate Majority Leader John Thune (R-SD) informed reporters that he believed the initial $200 billion request “has been scaled back.”
Here’s the latest from Tuesday:
Trump Wants ‘Grand Bargain’ with Iran, Vance Says
10:35 p.m. ET: Vice President Vance provided insight into President Trump’s expectations for any agreement with Iran to resolve the conflict. Speaking at a Turning Point USA event, Vance stated that Trump desires a “grand bargain” rather than a minor deal. “That’s the trade he’s offering,” Vance explained, detailing Trump’s message to Iranian leaders: “If you guys commit to not having a nuclear weapon, we are going to make Iran thrive.” Vance, 41, added that the U.S. would welcome the Iranian people back into the world economy and assist the country in achieving economic prosperity.
U.S. to Let Waiver on Sale of Iranian Oil End
6:24 p.m. ET: A waiver permitting the sale of Iranian oil already at sea will be allowed to expire and will not be renewed, the U.S. Department of the Treasury announced Tuesday. This short-term waiver authorized the delivery of Iranian crude oil shipped before March 20 and is set to expire on April 19. A separate waiver concerning Russian oil at sea will also conclude on Saturday.
U.S. Threatens to Sanction Chinese and Arab Banks
6:16 p.m. ET: The U.S. Department of the Treasury warned that it “is prepared to deploy secondary sanctions” and utilize all available tools against financial institutions supporting Iranian activities. Furthermore, the Treasury Department sent warning letters to financial institutions in China, Hong Kong, the United Arab Emirates, and Oman regarding business dealings with Iran, as reported by the Associated Press.
Israel-Lebanese Meeting “Productive,” State Dept. Says
6:04 p.m. ET: Israeli and Lebanese ambassadors have agreed to initiate direct negotiations following a two-hour meeting that included U.S. Secretary of State March Rubio, the State Department announced. Tuesday’s session marked the first high-level meeting between the two nations in decades. Earlier in the day, United Nations Secretary General António Guterres emphasized the importance of the talks if they led to a change in actions. Speaking to U.N. reporters, he accused Hezbollah and Israel of working to destabilize the Lebanese government.
399 US Service Members Wounded in Iran War
2:49 p.m. ET: Capt. Tim Hawkins with U.S. Central Command provided the official injury count for U.S. service members since the onset of the war with Iran. The total number injured is 399, with 354 having already returned to active duty. There have been 13 confirmed killed in combat.
Trump Says US-Iran Talks Could Resume This Week
1:20 p.m. ET: President Trump spoke with the New York Post and confirmed that a second round of in-person negotiations with Iran “could be happening over the next two days.” Possible meeting locations for the talks include Europe or Islamabad.
Negotiations Could Begin on Thursday
12:13 p.m. ET: Two U.S. officials stated that discussions for further in-person negotiations between the U.S. and Iran were ongoing. A diplomat from one of the mediating countries indicated that both sides had agreed to meet. According to U.S. officials, the talks could commence as early as Thursday, though nothing has been confirmed. Two Pakistani officials clarified that the initial talks were not a one-off effort but part of an ongoing process.
One Tanker Made It Through the Strait of Hormuz
10:15 a.m. ET: The U.S.-led blockade in the Strait of Hormuz has been in effect for 24 hours. The full extent of the blockade and which ships will comply remains uncertain. On Monday, multiple tankers approached the strait but turned around. However, one reversed course and successfully passed through early on Tuesday.
Israel and Lebanon to Meet in DC
7:50 a.m. ET: For the first time in decades, representatives from Israel and Lebanon are scheduled to meet to discuss a path towards a potential peace deal. The preliminary talks will focus on establishing parameters between the two sides. Lebanon seeks a ceasefire, while Israel aims for the disarmament of Hezbollah. At this point, Israel has not committed to withdrawing its military action. Since the two-week ceasefire in the war with Iran began, Israel has continued its air and ground campaign, asserting that the ceasefire does not include Lebanon.
Oil Prices Continue to Slip Tuesday Following Early Rally
6:15 a.m. ET: Oil prices fell and Asian stocks trended higher amidst hopes for a second round of talks between the U.S. and Iran. Benchmark U.S. crude dropped 1.7% early Tuesday to $97.37 a barrel, and Brent crude was down 0.9% to $98.49 a barrel. In the Asian market, Tokyo’s Nikkei 225 rose 2.3% to 57,804.81. Meanwhile, South Korea’s Kospi increased 2.7% to 5,968.06. Hong Kong’s Hang Seng climbed 0.5% to 25,783.41, and the Shanghai Composite index gained 0.5% to 4,007.93.
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