The US-Iran ceasefire, agreed April 8 for two weeks amid their direct conflict and mediated by Pakistan, was extended indefinitely by President Trump on April 21 pending Tehran's comprehensive peace proposal, while the US maintains a naval blockade of the Strait of Hormuz to pressure Iran on nuclear issues and shipping access. Iran submitted a new proposal on April 28, which Washington is reviewing, but fragile truce holds amid incidents like Tehran's seizure of vessels and stalled talks in Islamabad over the blockade. Traders monitor US response to the proposal, potential resumption of airstrikes, or diplomatic breakthroughs, with economic pressures from oil disruptions amplifying escalation risks before any formal extension terms solidify.