Creatives aided in obtaining ISNI

April 19, 2026 | 8:07 pm

THE Department of Trade and Industry has signed an agreement with the Intellectual Property Office of the Philippines (IPOPHL) to help more creatives obtain International Standard Name Identifiers (ISNI).

In a social media post at the weekend, the agencies signed a memorandum of agreement (MoA) to implement the Malikhaing Pinoy Wanna Make It Right program with ISNI and Copyright.

The partnership seeks to connect authors, creatives, and copyright owners to ISNI, a globally-recognized unique identifier, and formal copyright registration through the IPOPHL.

The ISNI is a 16-digit number assigned to persons or organizations involved in creative activities.

Creative industries such as film, publishing and music face infringement and unauthorized use risks as artificial intelligence systems reproduce outputs from existing works, often without artist consent.

“By securing their creative identity, creators gain stronger recognition and protection in both local and international transactions, unlocking greater opportunities in the global creative economy,” IPOPHL said.

The agreement was signed on April 16 by Trade Assistant Secretary Nylah Rizza D. Bautista and IPOPHL Acting Director General Nathaniel S. Arevalo.

The MoA aligns with Republic Act No. 11904 or the Philippine Creative Industries Development Act, and advances the goals of the Philippine Creative Industries Development Plan, IPOPHL said. — Beatriz Marie D. Cruz

Familiar banking risks return through new channels

April 19, 2026 | 8:07 pm

IN BRIEF:

• Banking risk management is being shaped by interconnected risks driven by innovation, technological change, geopolitical instability, and the expanding role of private capital and non-bank finance. These forces blur the distinction between financial and non-financial risks and heighten vulnerability to shocks.

• As a backdrop to this, regulation is becoming increasingly fragmented and localized, adding to the overall complexity of the risk management landscape. Divergent interpretations of global standards for prudential, digital, AI, and sustainability regulations raise compliance costs, complicate risk measurements and aggregation, and constrain strategic planning.

• To manage risks, banks are shifting from a sole focus on capital strength toward a broader focus on resilience and capability building.

Banking risk management is being shaped by threats that are non-linear, continually accelerated by technology and innovation, intensified by volatility, and tightly interconnected across markets, institutions, and jurisdictions.

The recently published 15^th annual EY/IFF Global Bank Risk Management Survey highlights this shift, which is influencing the agenda of chief risk officers (CROs) worldwide. The survey notes that traditional risks are making a comeback and the ways in which they emerge and transmit through banks have changed.

Geopolitical tensions, technology and innovation, and the growth of private capital are also driving opportunities and exposures. At the same time, regulation is becoming more localized, increasing compliance and operational costs for banks. Together, these forces are reshaping the capabilities, resources, and strategies of banks as they navigate this landscape.

This is the third article of the SGV Financial Regulatory Outlook series, which builds on insights from the SGV Knowledge Institute event, “Global Shifts, Local Impact: Navigating the Next Wave of Banking Regulation.”

RE-EMERGING TOP RISKS
With the promise of improved productivity, artificial intelligence (AI) is increasingly being deployed. Digitization has also allowed for better access to financial services, furthering financial inclusion for sectors of the economy that need it most. With this comes heightened concerns about cybersecurity, digital fraud, and financial crime, all reported in the survey as top risks for the world’s CROs.

Additionally, geopolitical instability is seen as a powerful external force shaping risk management strategies. It moves through banks in interconnected chains. It first affects market sentiment, raising uncertainty and leading to changes in investor confidence. It then affects formal economic channels, whether through consequent trade or financial restrictions, or physical disruption. This leads to possible supply chain disruptions, rising levels of sovereign debt, a decline in aggregate demand, and an overall increase in prices that deter growth and trade. These risks then make their way into the balance sheet, affecting credit, liquidity, funding, and market risks — ultimately translating into pressure on capital adequacy. However, their impact extends beyond financial risks, also affecting overall operations and governance.

In the Philippines, the recent geopolitical shock coming from the Middle East is already making waves through supply chain disruptions, placing upward pressure on the price of fuel. As a primary input, higher fuel prices will in turn increase the prices of necessities, leading to a budget squeeze and a fall in overall disposable income. Tighter budgets mean weaker debt-servicing capacity and overall credit demand. Over time, this materializes in the bank’s purview due to implications in asset quality, credit growth, and liquidity conditions.

Credit risk is also making a comeback as a top concern through a combination of traditional financial concerns, rising defaults linked to geopolitical instability and market developments, and the rise of private credit. Private credit or non-bank financial institutions (NBFIs) has taken a more prominent role in the industry, raising concerns about the unregulated “shadow banking” system.

In the Philippines, this is especially relevant given the rise of fintechs which, while expanding access beyond traditional financing, also expands the entities covered under non-bank finance to include startups that enable peer-to-peer lending, pool savings, and profit credit. The local environment is made even more complicated given the distinction between NBFIs with quasi-banking licenses (e.g., investment houses and trust companies) and those without (e.g., pawnshops and remittance companies)

REGULATORY FRAGMENTATION AS A RISK MULTIPLIER
Acting as an overlay to these top risks is the fragmented regulatory landscape. Global standards are being localized, leading to differing interpretations and implications. This is not only in prudential regulation, but also in the areas of AI, sustainable finance, digital assets, and payments.

The shifting regulations highlight shifting priorities for localities while increasing complexities for multinational entities. According to the survey, regulatory fragmentation is expected to increase compliance and operational costs, exacerbate challenges in data management reporting, and lead to difficulties in risk aggregation and measurement. Banks will not only deal with the inherent risk of operations but also consider the costs and opportunities of doing business in specific countries or regions owing to diverging regulations. This confluence of changing top risks and regulation is pushing banks beyond balance sheet defense.

SHIFTING STRATEGIES
Today’s top risks are increasingly non-financial while also driving financial risks. Strong capital planning is indeed still necessary, but it is no longer sufficient on its own.

The survey emphasizes increased resilience as a top strategy to manage geopolitical risks and diverging regulations. In the Philippines, the recent BSP Circular 1203 on Operational Resilience espouses a move beyond continuity planning, stressing the identification of critical operations and systems, mapping of dependences, definition of tolerances, scenario testing, and overall recovery capabilities.

Moreover, managing this new complex risk landscape requires an emphasis on skills around new technologies as well as different team structures. According to the survey, top skillsets for risk management include digital acumen, adaptability to a changing risk environment, understanding the enabling role of risk management, having a deeper specialization in at least one domain, and critical soft skills such as leadership, communication, and collaboration.

FROM RISK AWARENESS TO RISK STRATEGIES
The risk landscape is being shaped not by a single shock, but by a convergence of multiple external shocks materializing through new and traditional risks. This is happening against a backdrop of increased regulatory fragmentation. As countries continue to prioritize localization, banks are managing compliance not as a set of global standards, but as a portfolio of specific local and regional regulations.

Managing this complex environment requires a change in mindset. The banks that navigate these risks will not be the ones that control every risk, but those that build capabilities to anticipate change, identify transmission channels, and embed resilience in strategy, operations, and resources.

This time is different. Resilience is not just about stability; it’s about sustained adaptability.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

Samantha Joy U. Cinco is a financial services consulting senior director of SGV & Co.

ASEAN oil-sharing push faces hurdles amid region’s uneven energy capacity

April 19, 2026 | 6:55 pm

By Chloe Mari A. Hufana, Reporter

PHILIPPINE President Ferdinand R. Marcos, Jr.’s call for a regional oil-sharing mechanism and joint stockpiling across Southeast Asia is unlikely to materialize in the near term, analysts said, as the Middle East crisis exposes deep structural gaps in the region’s energy systems.

Ederson DT. Tapia, a political science professor at the University of Makati, said differing energy profiles among members of the Association of Southeast Asian Nations (ASEAN) complicate efforts to establish a unified response during supply disruptions.

“Some produce, while others rely almost entirely on imports,” he said via Facebook Messenger. “In times of disruption, governments tend to protect domestic supply first.”

ASEAN economies are among the most vulnerable to geopolitical tensions, with a significant share of Asia’s crude oil and gas imports passing through the Strait of Hormuz — a critical chokepoint affected by the US-Israel war on Iran.

Mr. Tapia said a gradual, less ambitious approach to cooperation is more realistic, including improved information-sharing systems, aligned stockpiling practices and selective bilateral agreements among member states.

“The real test is whether these can work during an actual supply shock,” he pointed out. “At the same time, even modest steps in this direction may have implications for deepening regionalism.”

Josue Raphael J. Cortez, an ASEAN Studies lecturer at De La Salle-College of St. Benilde in Manila, said the region is not yet prepared for a binding and fully operational oil-sharing framework.

He cited uneven economic capacity among ASEAN members, as well as the bloc’s longstanding principle of noninterference — often referred to as the “ASEAN Way” — as key constraints.

“However, crises have historically pushed ASEAN to collaborate more closely,” he said via Messenger. “There is a possibility that they would commit to this kind of arrangement, but with certain considerations.”

Mr. Cortez said a phased approach — anchored on sustained consultations and incremental framework-building — offers a more viable path forward. Existing platforms such as ASEAN+3, which includes China, Japan and South Korea, could serve as entry points for broader cooperation.

He added that infrastructure initiatives like the ASEAN Power Grid could also help lay the groundwork for deeper energy coordination.

Mr. Marcos, speaking at a Japan-led summit last week, urged regional leaders to pursue joint oil stockpiling and activate the ASEAN Petroleum Security Agreement, warning that supply disruptions risk prolonging inflation and slowing economic growth.

He also backed further study into shared reserves, citing existing models such as national stockpiling systems and cooperative arrangements with crude exporters.

The proposal comes as the Philippines, this year’s ASEAN chairman, grapples with surging oil prices that have pushed inflation higher and increased pressure on households and businesses.

The country remains under a year-long national energy emergency, reflecting its heavy reliance on imported fuel and exposure to global supply shocks.

Within ASEAN, oil production is concentrated in countries such as Indonesia, Malaysia, Thailand, Vietnam, and Brunei, while import-dependent economies like the Philippines face greater vulnerability to price swings.

Analysts said any regional mechanism should address these disparities to gain traction.

Mr. Tapia noted that while energy cooperation could strengthen broader regional coordination, it may also face criticism if it increases reliance on external partners or fails during times of crisis.

“Some will argue that the priority should be building stronger domestic reserves and diversifying energy sources,” he said.

For now, Manila is focusing on domestic measures, including plans to raise fuel reserves, diversify crude sourcing and establish a strategic petroleum reserve.

The government has also explored alternative suppliers, including nontraditional partners in South America, while negotiating additional supply arrangements with allies.

Congress has authorized Mr. Marcos to suspend excise taxes on petroleum products to ease rising costs, although the administration has so far limited the relief to liquefied petroleum gas and kerosene.

Senators weigh delay in village elections, use of P16-B budget for oil crisis

April 19, 2026 | 6:54 pm

Out-of-Stock-Gasoline — MOTORISTS queue at a gasoline station along Norzagaray Road in San Jose del Monte on March 8, 2026. — PHILIPPINE STAR/RYAN BALDEMOR

SOME Philippine senators are open to postponing the village and youth council elections and redirecting the P16-billion budget to cushion the impact of surging fuel prices, although others warned against sidelining youth governance programs.

Senator Maria Imelda “Imee” R. Marcos backed proposals to defer the Barangay and Sangguniang Kabataan Elections, saying the funds could be used to address urgent needs such as fuel costs, food security and basic services as the country grapples with an oil shock linked to the Middle East war.

“This sum can be more urgently directed toward addressing the immediate needs of our people,” she said in a statement on Sunday, adding that postponement would allow local officials to focus on crisis response instead of election-related activities.

The Philippines has been dealing with rising pump prices following the US-Israel war on Iran, which has disrupted global oil markets and increased pressure on transport and agriculture.

The government has rolled out fuel subsidies for affected sectors, with authorities warning that additional funding might be needed if the crisis drags on beyond three months.

Senator Panfilo M. Lacson earlier cautioned that simply reallocating election funds might face constitutional issues, echoing concerns earlier raised by Commission on Elections (Comelec) Chairman George Erwin M. Garcia.

Mr. Lacson suggested a workaround, saying the election body could opt not to spend the funds and instead declare them as savings that can be returned to the national treasury for reprogramming.

“Comelec may opt not to spend the funds for the [elections] and declare them as savings,” he said.

Still, not all lawmakers support postponing the elections.

Senator Alan Peter S. Cayetano opposed the move, citing the importance of youth leadership development through the Sangguniang Kabataan.

“It’s a lesson in democracy, it’s a lesson in governance,” he said during a student engagement in Cebu, warning that scrapping or delaying the elections could weaken efforts to train future leaders.

The elections had been moved once by President Ferdinand R. Marcos, Jr. under Republic Act No. 12232, shifting the elections from December 2025 to November 2026 to accommodate the Bangsamoro region’s parliamentary elections. — Kaela Patricia B. Gabriel

Motorcycle taxi driver dies while queuing for P5,000 aid

April 19, 2026 | 6:53 pm

MC taxi-cash aid — PHILIPPINE STAR/MIGUEL DE GUZMAN

A MOTORCYCLE taxi driver died over the weekend while waiting in line to receive a P5,000 government cash aid meant to help transport workers cope with rising fuel costs linked to the Middle East war, the Department of Social Welfare and Development (DSWD) confirmed.

In a post on X on Sunday, the agency said Social Welfare Secretary Rexlon T. Gatchalian visited the victim’s family to extend condolences and assess additional assistance needs.

He also ordered the National Capital Region field office to coordinate with the hospital, the family and the driver’s employer, the agency said.

“As of this time, assistance has already been extended to cover hospital expenses, funeral wake and burial arrangements, and transportation for relatives,” the DSWD said in Filipino. “The DSWD also provided support for the continued education of the driver’s child.”

The victim was among thousands of motorcycle taxi and transport workers who lined up in Quezon City over the weekend for the emergency payout under the Assistance to Individuals in Crisis Situation program.

The cash aid is meant to cushion the impact of higher fuel prices on daily earnings.

Large crowds were reported at distribution sites, including the Caloocan City Sports Complex, Quezon Memorial Circle in Quezon City and areas near the Makati Coliseum.

The DSWD earlier said more than 17,000 riders are set to benefit from the rollout of the P5,000 assistance package.

The incident has highlighted the pressure faced by transport workers as global fuel prices remain elevated amid the US-Israel war on Iran.

The Philippines has been relying on targeted cash transfers and transport subsidies to ease the burden on low-income earners, particularly in the transport sector.

President Ferdinand R. Marcos, Jr. earlier suspended excise taxes on liquefied petroleum gas and kerosene to help reduce household expenses, though similar relief for diesel and gasoline has not yet been implemented.

The government has also expanded a service-contracting program that provides guaranteed income to public utility drivers through direct subsidies instead of fare-based earnings.

The program is implemented in select routes in Metro Manila and other urban centers, with plans for wider expansion depending on funding and capacity. — Chloe Mari A. Hufana

Over 100 return from Israel, UAE

April 19, 2026 | 6:51 pm

THE Department of Migrant Workers (DMW) and Overseas Workers Welfare Administration (OWWA) reported a total of 122 repatriates from Israel and Abu Dhabi late on Saturday.

In separate press releases, the DMW said 22 overseas Filipino workers (OFWs) consisting of 18 caregivers and 4 hotel employees have returned to the Philippines from Israel on Saturday.

The 22 Filipinos have been assisted through land-crossing from Israel to Egypt before boarding a commercial flight to the Philippines.

One hundred more were repatriated aboard the Emirates Flight EK334 from Abu Dhabi on Saturday evening, OWWA said.

The DMW expects to open the week with its repatriation total climbing to 7,000 since the program began on March 5, a week after the war between the US-Israel and Iran erupted on Feb. 28.

Migrant Workers Secretary Hans Leo J. Cacdac on Friday said the government has repatriated a total of 6,706 Filipinos. Most were from Dubai, the United Arab Emirates (UAE), accounting for 2,048 arrivals.

The DMW has so far shouldered 64% of the repatriation or 4,308 of the running total, while OWWA funded 36% of the airfare of 2,398 Filipinos.

Mr. Cacdac said the Department of Budget and Management has replenished their repatriation funds by P800 million which would be allocated to OFWs on the ground and those who have chosen to return to the Philippines.

Aside from the repatriation assistance, the DMW also provides financial assistance of $200 for work-distressed Filipinos according to Mr. Cacdac. — Kaela Patricia B. Gabriel

VP warns vs impersonation scam

April 19, 2026 | 6:51 pm

VICE-PRESIDENT (VP) Sara Duterte-Carpio warned the public about a new impersonation scam circulating on messaging platforms, cautioning users against sharing personal information with unverified contacts.

“Another individual has surfaced again impersonating me on a messaging app,” she said in a Facebook post in Filipino on Saturday evening.

She reminded the public to remain cautious when dealing with anyone on any messaging platform and do not easily share information.

Ms. Duterte urged Filipinos to stay vigilant amid the rise of online scammers.

“Do not be fooled by scammers.” — Chloe Mari A. Hufana

Probe of unjustified oil price hike urged

April 19, 2026 | 6:51 pm

A HOUSE lawmaker on Sunday called on authorities to crack down on alleged unjustified fuel price increases amid volatile global oil markets and a state of national energy emergency.

Marcelino “Nonoy” C. Libanan, House Minority leader and representative of the 4Ps Party-list, in a news release urged the Department of Energy (DoE) and the Department of Justice (DoJ) to exercise their authority under existing laws to investigate and act against unreasonable increases in petroleum prices.

“Under the Downstream Oil Industry Deregulation Law of 1998, a DoE-DoJ Task Force was established with specific investigative and enforcement powers to address excessive and unjustified increases in petroleum product prices,” Mr. Libanan said.

“Through this task force, the two departments must take decisive and forceful action to safeguard consumers against potential pricing abuses, considering that we are now under a state of national energy emergency,” he added.

Mr. Libanan raised concerns over mounting allegations of overpricing, profiteering, and possible collusion among local industry players, which he said appear to have kept fuel prices elevated despite recent easing in global oil markets.

He noted that international crude prices had surged to nearly $120 per barrel in March following disruptions linked to the closure of the Strait of Hormuz, but have since retreated to about $90 per barrel as of April 17.

Under Republic Act No. 8479, a joint task force between the Energy and Justice departments is mandated to investigate market abuses and evaluate reports of unreasonable price hikes within a 30-day window, a mechanism Mr. Libanan said should be fully enforced to strengthen price oversight in the downstream oil industry amid periods of market volatility. — Erika Mae P. Sinaking

CDC to build P12-M sports facility

April 19, 2026 | 6:51 pm

STATE-RUN Clark Development Corp. (CDC) said it is building a P12-million pickleball facility within the Clark Freeport Zone in Pampanga, amid its lifestyle and sports hub push.

In a social media post last weekend, the CDC said it signed a 10-year lease agreement with Bandjag Sports & Leisure, Inc. to redevelop the former Clark Trading Warehouse into a pickleball and paddle sports facility.

The development will rise on an 8,443-square-meter (sq.m.) leased area, which covers the 3,818-sq.m. existing structure and 4,625 sq.m. of open space. It is located along Centennial Road, inside the Clark Freeport Zone.

“We are creating a different brand for Clark, where sports, light manufacturing, restaurants, and community spaces come together,” CDC President and Chief Executive Officer Agnes VST Devanadera said.

The center will feature eight public pickleball courts, a main tournament court, and a basketball court that may be converted into four additional pickleball courts.

It will also have a private pickleball court, spaces for table tennis and other paddle sports, a café and pro shop, locker rooms, and flexible multipurpose areas for coaching, training, community events, and corporate activities.

Clark Pickleball+ seeks to cater to beginners, recreational players, and competitive athletes, and will serve as a venue for tournaments, clinics, and group programs.

The development also aligns with the growing demand for healthy and lifestyle-driven spaces, the state-run firm also said.

The pickleball center forms part of CDC’s aim to expand the Clark Freeport Zone into a business and tourist destination in the Central Luzon area.

The 4,400-hectare economic zone is home to Clark International Airport Complex, Clark Entertainment and Events Center, and the Clark National Food Terminal.

Last year, the Clark International Airport reported a 14% increase in passenger arrivals to 2.75 million passengers. — Beatriz Marie D. Cruz

DoTr opens bidding for P719-M Tacloban airport development

April 19, 2026 | 6:49 pm

THE Department of Transportation (DoTr) has invited bids for the P719.50-million Tacloban Airport Development Project.

According to the bid notice issued by the Transportation department, the project covers asphalt overlay and marine works. The winning contractor for the project must complete the project within 540 calendar days, which included the 60 pre-determined unworkable days.

Bidders must also have completed a project of a similar kind in the last 10 years, the DoTr said, adding that bids must be submitted on or before May 11.

Separately, the DoTr has also said that the construction and expansion of Busuanga Airport is also advancing.

The agency said that it is set to conduct the pre-procurement activity for the airport this week, with the construction set to begin by July.

The new passenger terminal building at the airport will be completed by May 2027, the agency said, adding that the new upgrade of the terminal building will increase its total capacity to 1,000 passengers from the current 200.

Earlier this year, DoTr also invited potential bidders to redevelop the airports in Naga City, Ormoc, and Kalibo, with the contracts valued at a combined P1.65 billion.

The DoTr’s airport upgrade program is focused on improving many provincial airports to accommodate at least narrowbody jets to handle the growing passenger capacities. The capacity to handle Boeing 737 or Airbus A320 aircraft — the most prevalent single-aisle jet models — also suggests upgrades to attract direct international flights. — Ashley Erika O. Jose

BARMM parties cooperating to ensure peaceful regional polls

April 19, 2026 | 6:48 pm

COTABATO CITY — Officials of four of the 16 parties have cautioned members and supporters against maligning any of the regional political blocs and anointed bets for the Sept. 14 parliamentary polls.

This followed exchanges on Facebook of heated tirades among some dignitaries belonging to certain parties in the last two weeks, after the regional office of the Commission on Elections permitted the 16 partisan blocs to pit candidates.

Basilan Governor Mujiv S. Hataman of the Bangsamoro People’s Party, Lanao del Sur Govenor Mamintal A. Adiong, Jr. of the Serbisyong Inklusibo, Alyansang Progresibo, Bangsamoro Regional Employment Minister Muslimin G. Sema of the Bangsamoro Party, and Naguib A. Sinarimbo of the Bangsamoro Federalist Party on Sunday separately urged the members of their respective parties not to engage in malicious bickering with those in other partisan groups.

Mr. Hataman said they will not hesitate to censure any member of the Bangsamoro People’s Party found to have maliciously besmirched any party, or aspirants for a seat in the parliament, on Facebook, or on any media platform.

“We are for peaceful and orderly elections. We don’t want conflicts among members of different regional political parties,” Mr. Hataman said.

Mr. Sema, who is chairman of the Moro National Liberation Front (MNLF), said they have directed all members of the Bangsamoro Party to refrain from making derogatory statements against officials of the 15 other regional parties and their candidates.

“We will not gain anything from such provocative activities that are, for us, in the Bangsamoro Party, against our principles meant to foster co-existence and solidarity among Muslims, Christians and the indigenous communities in the Bangsamoro region,” Mr. Sema said.

The MNLF’s Bangsamoro Party, also known as the “Bapa Party,” has members in all of the five provinces and three cities in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

“MNLF leaders in the provinces and cities in the Bangsamoro region will take immediate action against members of our party, or supporters, who shall violate that policy,” Mr. Sema said.

Mr. Sinarimbo, who is an appointed member of the BARMM parliament, and Mr. Adiong, now in his second term as Lanao del Sur governor, separately said on Sunday that they have encouraged members of the Bangsamoro Federalist Party and the Serbisyong Inklusibo, Alyansang Progresibo, respectively, not to engage in political mudslinging to prevent sparking animosity among them and those in other regional parties.

Brig. Gen. Jaysen C. De Guzman, director of the Police Regional Office-Bangsamoro Autonomous Region, and Army Lt. Gen. Donald M. Gumiran, commander of the military’s Western Mindanao Command, separately told reporters that they appreciate the efforts of BARMM regional political parties to help ensure peaceful parliamentary polls.

The Sept. 14 parliamentary polls will be the first ever in BARMM since its creation in 2019, replacing the then 27-year less empowered Autonomous Region in Muslim Mindanao. The current members of the Bangsamoro parliament are functioning based on appointments issued by President Ferdinand R. Marcos, Jr. — John Felix M. Unson

Trump, Iran cite progress in talks as uncertainty hangs over Strait

April 19, 2026 | 5:41 pm

IRAN-CRISIS-HORMUZ — A 3D-printed oil pump jack and a map showing the Strait of Hormuz and Iran appear in this illustration taken March 2, 2026. — REUTERS

WASHINGTON/ISLAMABAD — Iran’s top negotiator said recent talks with the US had made progress, but gaps remained over nuclear issues and the Strait of Hormuz, while President Donald J. Trump cited “very good conversations” with Tehran despite warning against “blackmail” over the key shipping channel.

Neither side offered any specifics about the state of negotiations on Saturday, days before a fragile ceasefire in the US-Israeli war against Iran is set to expire.

The war, now in its eighth week, has killed thousands, spread to Israeli attacks in Lebanon and sent oil prices surging because of the de facto closure of the Strait, which before the war carried one-fifth of the world’s oil shipments.

IRAN’S REVERSAL ON VITAL STRAIT
“We have had progress but there is still a big distance between us,” Iran’s chief negotiator, Mohammad Bagher Ghalibaf, told state media, referring to talks last weekend. “There are some issues on which we insist… They also have red lines. But these issues could be just one or two.”

Mr. Trump said the US was having “very good conversations” but gave no other details.

Tehran reversed course on Saturday to reassert control over the Strait, again closing the energy chokepoint and adding fresh uncertainty to the war, which the US and Israel launched on Feb. 28.

Iran said it was responding to a continued US blockade of Iranian ports, calling it a violation of the ceasefire, while Supreme Leader Ayatollah Mojtaba Khamenei said Iran’s navy was ready to inflict “new bitter defeats” on its enemies. Mr. Trump called the move “blackmail” even as he praised the talks.

On Friday, Iran had announced the temporary reopening of the Strait of Hormuz following a separate US-brokered 10-day ceasefire agreement on Thursday between Israel and Lebanon.

Mr. Trump defended the US blockade and threatened “to start dropping bombs again” unless the countries reached a long-term deal before the ceasefire expires on Wednesday.

Iran’s Supreme National Security Council said Tehran’s control over the Strait included demanding the payment of costs related to security, safety and environmental protection services, state media said.

VESSELS REPORT GUNFIRE
Concern remained after at least two vessels reported being attacked on Saturday while trying to transit the waterway. India summoned the Iranian ambassador in New Delhi and expressed deep concern that two Indian-flagged ships had come under fire in the Strait, the government said.

US Central Command said American forces were enforcing a maritime blockade of Iran but did not comment on the latest Iranian actions.

Tehran’s reversal raised the risk that oil and gas shipments through the Strait could remain disrupted just as Mr. Trump weighs whether to extend the ceasefire.

When American and Iranian negotiators met last weekend in Islamabad, the US proposed a 20-year suspension of all Iranian nuclear activity, while Iran suggested a halt of three to five years, according to people familiar with the proposals.

Iran’s deputy foreign minister, Saeed Khatibzadeh, said no date had been set for the next round of negotiations, adding that a framework of understanding must be agreed first.

Mr. Trump had said on Friday there could be talks this weekend and that the two sides were “very close to making a deal.”

There were no signs on Saturday of preparations for new talks in the Pakistani capital, where the highest-level US-Iran negotiations since the 1979 Islamic Revolution ended without agreement last weekend.

Senior national security aides gathered at the White House on Saturday morning. Mr. Trump later went to the Trump National Golf Club with top envoy Steve Witkoff, one of his Iran negotiators.

Pressure for a way out of the war has mounted as Mr. Trump’s fellow Republicans defend narrow majorities in Congress in the November midterm elections with US gasoline prices high, inflation rising and his own approval ratings down.

Oil prices CLc1, LCOc1 fell about 10% and global stocks jumped on Friday on the prospect of marine traffic resuming through the Strait. But hundreds of vessels and about 20,000 seafarers remain stranded in the Gulf awaiting passage through the waterway, shipping sources said. — Reuters