Trump says extension of ceasefire with Iran 'highly unlikely'

US President Donald Trump said on Monday it is "highly unlikely" he would extend a two-week ceasefire with Iran if a deal is not reached before it ends this week, according to a Bloomberg report.

The Strait of Hormuz would remain blocked until a peace agreement is finalized, Trump said in a phone interview.

"They want me to open it. The Iranians desperately want it opened. I'm not opening it until a deal is signed," he said. Oil prices jumped as Washington maintained its blockade and the US Navy seized an Iranian-flagged ship over the weekend.

"I'm not going to be rushed into making a bad deal. We've got all the time in the world," Trump said.

He said the truce, which he announced on April 7, will expire on Wednesday evening US Eastern Time.

Asked if he expects strikes to resume immediately afterward if no deal is reached, Trump said: "If there's no deal, I would certainly expect."

In a phone call with PBS News on Monday morning, Trump said that if the ceasefire with Iran expires, "then lots of bombs start going off."

Asked if Iranian negotiators will participate in fresh talks in Islamabad, Trump said: "I don't know. I mean, they're supposed to be there. We agreed to be there, although they say we didn't. But no, it was set up. And we'll see whether or not it's there. If they're not there, that's fine too."

He told the New York Post on Monday morning that US Vice President JD Vance is set to head to Pakistan for the second round of negotiations with Iranian officials. According to The New York Times, which cited two US officials, Vance is expected to leave Washington for Pakistan on Tuesday.

Trump also told the Post that he is willing to meet with senior Iranian leaders if a breakthrough is reached. But he told Bloomberg, also on Monday morning, that he did not think it would be necessary for him to attend the talks in person.

As of Monday morning, US forces have turned back 27 ships to or from Iranian ports, the US Central Command said on X.