The ceasefire extension leaves Tehran, already under economic pressure, in a position that will be hard to sustain over the long term. The risk of renewed escalation remains high.

The US president has not set a new deadline for Iran, instead waiting for the various political and security factions within the Iranian regime to reach a 'unified proposal.'

Nominated by the White House to succeed Jerome Powell as head of the United States central bank, Kevin Warsh has pledged to act with complete independence if confirmed by the Senate, a prospect that remains far from certain.

The blockade of ports on Iran's coast in the Strait of Hormuz will remain in place, the US president said on Tuesday, while the US military will 'in all other respects, remain ready and able.'

News from Trump of a ceasefire extension came as the White House said Vice President JD Vance would not be going to Pakistan for what had been expected to be a second round of peace talks with Iran.