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The mood in the Strait of Hormuz remains combustible despite Trump's ceasefire extension.
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Instead of fighting, we have a "war of blockades" over the Strait of Hormuz, with both sides using force to intercept and seize commercial vessels.
The mood out in one of the world's most important waterways is combustible. It would be unwise to bet against events spiralling out of control.
In the meantime, Islamabad still waits for Iranian and American representatives to arrive for peace talks.
Parts of the city remain sealed off, the signs are still up and the hotel where talks were expected to take place is empty, ready for the hoped-for return of high-level delegations.
But after several days of fevered anticipation, the atmosphere has changed.
Gone is the talk of press pools in faraway Washington being told to head for the airport, or speculation about the contents of the giant C-17 Globemaster transport planes that landed at a nearby military airbase earlier in the week.
In its place is the gloomy realisation that an opportunity for Pakistan to prove itself on the international stage, to broker a deal - any kind of deal - between mortal enemies may have slipped out of Islamabad's grasp. For now.
Pakistan has not given up. Prime Minister Shehbaz Sharif, who has invested considerable diplomatic capital in getting the two parties together, posted on social media that Pakistan would "continue its earnest efforts for negotiated settlement of the conflict".
Donald Trump has told at least one journalist that a deal is still possible in the next few days.
It's hard to know if this is reality speaking, or the voice of an impatient man, anxious to remove Iran from his most urgent to-do list before King Charles arrives in Washington for a state visit next Monday - and Trump's much anticipated visit to China not long afterwards.
Iran dismissed the president's suggestion that he was giving Tehran time to come up with a "unified position",
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