A merchant ship spotted off the coast of Dubai on April 20, 2026.
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Hello, this is Leonie Kidd. I am writing a message from Singapore. In Singapore, CNBC is hosting its second CONVERGE LIVE event at the impressive Jewel complex.
It’s no surprise that the White House’s unusual handling of the end of the ceasefire with Iran topped the agenda here.
President Donald Trump said in an interview with CNBC’s “Squawk Box” that he “doesn’t want to extend” the ceasefire with Iran, and hours later announced on Truth Social that the ceasefire would continue.
But participants here at CONVERGE LIVE stressed that loss of trust is a dangerous consequence of war and will take years to rebuild.
What you need to know today
US President Donald Trump on Tuesday extended a two-week ceasefire with the Iranian government, saying the extension was justified because Tehran is “deeply divided.”
But in an interview with CNBC’s “Squawk Box” early Tuesday, President Trump said, “I don’t want to do that,” when asked if he would cancel the truce deadline to move forward with peace negotiations.
President Trump’s turnaround was initially nicknamed TACO (“Trump Always Chickens Out”) in reference to his 2025 tariff repeal.
In Singapore, the country’s Foreign Minister Vivian Balakrishnan told participants on CNBC’s CONVERGE LIVE that “we are witnessing the weaponization of interdependence” as key chokepoints like the Strait of Hormuz are disrupted.
In a stark warning, Balakrishnan also said the risk of escalation between the US and China, particularly in the Pacific, would make “what we are seeing now in the Strait of Hormuz look like a dry run.”
You can watch all the action live from Singapore here.
Oil prices have fallen following the extension of the ceasefire, after rising on Tuesday when it was revealed that US Vice President J.D. Vance did not leave Washington for Pakistan, where peace talks with Iran were scheduled to resume.
Japan’s Nikkei stock average hit a record high on Wednesday, amid a general decline in other Asia-Pacific markets on concerns that the Middle East conflict could drag on.
Pre-market indicators show more room for trade across Europe and the US
