The US and Iran remained at a standstill after 21 hours of peace talks between the two delegations failed to reach an agreement, Vice President JD Vance announced at a press conference in Islamabad early on Sunday.

In response, President Donald Trump said the US would enforce a blockade of the Strait of Hormuz. About 20% of the world's liquefied natural gas and oil supply passes through that waterway, which sits off Iran's coast. The ongoing military conflict, which began in February, has effectively halted traffic through the Strait of Hormuz, sending gas and jet fuel prices skyrocketing.

"Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump wrote in a Truth Social post on Sunday.

Here's what people in business are saying about the failed negotiations.