Why is Trump refusing to sign the tentative 60-day ceasefire extension with Iran, and what are the main constraints shaping his decision?

Trump has called for 'unspecified changes' to the tentative 60-day ceasefire extension agreement and is refusing to sign it, reportedly because he is unwilling to accept a deal resembling the 2015 Obama-era nuclear accord—which he abandoned during his first term—and is determined not to make 'a bad deal' that could tarnish his legacy. Key constraints include depleted U.S. munitions stocks (with some systems requiring up to three years to replenish), strong internal and allied opposition to resuming bombing due to fears of Iranian retaliation against Gulf infrastructure and energy interests, and political pressure from both Democrats highlighting soaring energy prices and hawkish Republicans warning that an early exit would amount to capitulation.

What are the immediate global economic consequences of the stalled ceasefire and continued closure of the Strait of Hormuz?

Without an interim settlement to reopen the Strait of Hormuz, global energy prices remain elevated, exacerbating worldwide anxieties about rising costs for food, fuel, and other goods—directly tied to the conflict’s now three-month duration. The prolonged disruption is intensifying economic strain, particularly as the U.S.-Iran-Israel military exchange continues to undermine confidence in energy supply stability, with no near-term resolution in sight despite repeated Trump claims that 'a deal is just days away' and that Iran is 'begging to come to a settlement.'