A recent attack on a cargo ship near the Strait of Hormuz and a nearly 3% rebound in oil prices have renewed doubts about an early resolution to the U.S.-Iran conflict. Although U.S. President Donald Trump claimed that secret negotiations are actively under way and urged Tehran to take a "last chance" peace deal, Iranian officials publicly denied holding any direct talks with Washington. The ongoing war and shipping blockades in the Strait continue to severely disrupt global oil and gas supply routes, with analysts observing that Iran is betting it can outlast the U.S. by placing economic and trade pressure on the region.