IRGC Seizes Ship, US Sanctions China Refinery & Iran Shadow Fleet

Bloomberg reports just minutes after US market close: IRGC reportedly seizes the ship "EPAMINODES" which is suspected of collaborating with the US; the ship ignored warnings and numerous maritime violations, via Tasnim.

Also developing is the newly unveiled US sanctions on Iran's 'shadow fleet' just ahead of the next planned round of Pakistan talks, which will likely start just indirectly, given the Iranian side is said to be preparing a written response. According to Bloomberg:

The US sanctioned a Chinese oil refinery and dozens of shipping firms and vessels that transport Iranian oil.

The Treasury Department's Office of Foreign Assets Control imposed penalties on Hengli Petrochemical (Dalian) Refinery Co., one of China's smaller so-called teapot oil refineries.

Treasury Secretary Scott Bessent said Treasury will continue to constrict the network of vessels, intermediaries, and buyers Iran relies on to move its oil to global markets.

US Sends Team to Pakistan, CNN Says, as Iran Balks at 

Confirming earlier speculation, CNN reported that President Trump is sending tdswo envoys for talks with Iran in Pakistan, even as Tehran sounded a more pessimistic tone on the prospects of further negotiations. Special envoy Steve Witkoff and the president's son-in-law Jared Kushner are set to participate in talks this weekend with Iranian Foreign Minister Abbas Araghchi. Yet according to Iran's semi-official Tasnim news agency reported earlier, no talks are slated to take place between the two parties during the foreign minister's trip. Vice President JD Vance, the lead negotiator for the US, isn't currently expected to join the delegation, CNN said. According to the latest from the White House Press Secretary on Vance:

Vice President JD Vance will be on "standby" and is "willing to dispatch to Pakistan" for Iran talks if negotiations progress in a way that the White House determines is a "necessary use of his time," White House Press Secretary Karoline Leavitt says.

Araghchi earlier said he was headed to Pakistan, but poured cold water on speculation that the US and Iran were close to a second round of negotiations to end the eight-week war, posting on social media that the purpose of his travel is to "closely coordinate with our partners on bilateral matters and consult on regional developments."

Officials in Pakistan familiar with the matter said they expected a second round of peace talks between the US and Iran, while declining to say when the negotiations would happen or at what level.

Oil fell by as much as 3.3% to trade near $93 a barrel on the latest sign that the elusive peace talks between the US and Iran may materialize after all, even if there are no assurances of a favorable outcome. Traders had been closely tracking the movements of both delegations for signals on whether negotiations would come to pass and offer some relief as the strait remains largely shut.