Late yesterday it appeared that US-Iran negotiations were headed for catastrophe after Vice President JD Vance left Pakistan without a deal but not all hope is yet lost if you read between the lines from the latest statements.The most-recent one is from Trump, who said the US will clear mines in the Strait of Hormuz and blockade Iran from shipping through it, much like Iran has done to the rest of the world.He wrote:So, there you have it, the meeting went well, most points were agreed to, but the only point that really mattered, NUCLEAR, was not. Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz. At some point, we will reach an “ALL BEING ALLOWED TO GO IN, ALL BEING ALLOWED TO GO OUT” basis, but Iran has not allowed that to happen by merely saying, “There may be a mine out there somewhere,” that nobody knows about but them. THIS IS WORLD EXTORTION, and Leaders of Countries, especially the United States of America, will never be extorted. I have also instructed our Navy to seek and interdict every vessel in International Waters that has paid a toll to Iran. No one who pays an illegal toll will have safe passage on the high seas. We will also begin destroying the mines the Iranians laid in the Straits. Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL! Iran knows, better than anyone, how to END this situation which has already devastated their Country. Their Navy is gone, their Air Force is gone, their Anti Aircraft and Radar are useless, Khomeini, and most of their “Leaders,” are dead, all because of their Nuclear ambition. The Blockade will begin shortly. Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION. They want money and, more importantly, they want Nuclear. Additionally and, at an appropriate moment, we are fully “LOCKED AND LOADED,” and our Military will finish up the little that is left of Iran! President DONALD J. TRUMPIran promised to open the Strait of Hormuz, and they knowingly failed to do so. This caused anxiety, dislocation, and pain to many people and Countries throughout the World. They say they put mines in the water, even though all of their Navy, and most of their “mine droppers,” have been completely blown up. They may have done so, but what ship owner would want to take the chance? There is great dishonor and permanent harm to the reputation of Iran, and what’s left of their “Leaders,” but we are beyond all of that. As they promised, they better begin the process of getting this INTERNATIONAL WATERWAY OPEN AND FAST! Every Law in the book is being violated by them. I have been fully debriefed by Vice President JD Vance, Special Envoy Steve Witkoff, and Jared Kushner, on the meeting that took place in Islamabad through the kind and very competent leadership of Field Marshal Asim Munir, and Prime Minister Shehbaz Sharif, of Pakistan. They are very extraordinary men, and continuously thank me for saving 30 to 50 million lives in what would have been a horrendous War with India. I always appreciate hearing that — The amount of Humanity spoken of is incomprehensible.Then Trump added a short time later:The meeting with Iran began early in the morning, and lasted throughout the night — Close to 20 hours. I could go into great detail, and talk about much that has been gotten but, there is only one thing that matters — IRAN IS UNWILLING TO GIVE UP ITS NUCLEAR AMBITIONS! In many ways, the points that were agreed to are better than us continuing our Military Operations to conclusion, but all of those points don’t matter compared to allowing Nuclear Power to be in the hands of such volatile, difficult, unpredictable people. My three Representatives, as all of this time went by, became, not surprisingly, very friendly and respectful of Iran’s Representatives, Mohammad-Bagher Ghalibaf, Abbas Araghchi, and Ali Bagheri, but that doesn’t matter because they were very unyielding as to the single most important issue and, as I have always said, right from the beginning, and many years ago, IRAN WILL NEVER HAVE A NUCLEAR WEAPON!I would highlighted the bolded part but also note that JD Vance left, but Witkoff and Kushner are said to have remained in Pakistan.On the Iranian side, parliamentary speaker MB Ghalibaf (who negotiated on Iran's team) wrote:The opposing side ultimately failed to gain the trust of the Iranian delegation in this round of negotiations. America has understood our logic and principles, and now it's time for it to decide whether it can earn our trust or not?This is an interesting framing. First he wrote about "this round of negotiations", which hints there may be another one. More importantly, he said this negotiating is about trust. The implication is that Iran is being asked to accept some part of the promise to end the war on trust, but that will have to be earned. How? So far, the best sign is that the bombs aren't flying and that suggests the two week ceasefire is still in place and that some form of talks will continue. I would argue that's very fragile and this is a poor outcome but not quite the worst case scenario, and Trump isn't threatening to blow up Iran's energy infrastructure. All that said, the oil isn't flowing and the optimism from last week appears to be misplaced. Even the trickle of oil coming through the Strait via Iran is now presumably cut off as well. That will lead to a big reversal in last week's oil price drop and I'd expect May WTI to open in the range of $10 higher. This article was written by Adam Button at investinglive.com.