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You Cannot Have Regime Change with Just Air Power, Says Former US Army Under Secretary
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April 15, 2026
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7:11
5:14Now PlayingPatrick Murphy, Executive Director: Geopolitical Advisory at Hilco Global & former Under Secretary of the Army, discusses the economic consequences of the Hormuz blockade, as the US and Iran work toward a ceasefire extension and renewed peace negotiations.
The US and Iran are working toward extending a ceasefire and restarting negotiations about a longer-term peace deal, even as a standoff intensifies over the Strait of Hormuz.
The two sides have an “in principle agreement” to pursue further diplomacy after an inconclusive initial round of talks in Pakistan at the weekend, the Associated Press reported, citing regional officials it didn’t identify. Mediators are pushing for a compromise on outstanding issues including Hormuz and Iran’s nuclear program before the April 7 truce expires next week, the news agency said.
US President Donald Trump played down the prospect of renewed fighting on Tuesday, telling Fox Business that the near seven-week war is “close to over.” Work has been ongoing this week to agree to further discussions, according to people familiar with the matter, who asked not to be identified discussing private deliberations.
Iran’s Foreign Ministry said a delegation from Pakistan would visit Tehran on Wednesday, with Islamabad continuing to mediate the exchange of messages between the two sides.
Even so, tension remains high over Hormuz, a critical waterway for global energy supplies. The US has set up a naval blockade cut off Iranian oil shipments, while Tehran is keeping the strait closed off to other vessels.
Iran sees a prolonging of the US blockade as “a prelude to a breach of the ceasefire,” said Ali Abdollahi, the commander of Iran’s joint military headquarters, according to state TV. Iran’s armed forces “will not permit any exports or imports to continue in the Persian Gulf, the Sea of Oman or the Red Sea” if the blockade continues, he said.
Oil prices remain elevated, though Brent crude pared gains to trade at under $95 barrel on Wednesday. That’s about 33% higher than before the start of the war. US stocks were near a record high, as optimism around a potential peace deal boosted financial markets.
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