President Donald Trump announced Tuesday that he is extending a ceasefire with Iran indefinitely, citing Pakistan's role as mediator in ongoing peace negotiations between the two countries.

In a post on Truth Social, Trump said he was directing the U.S. military to continue a blockade while extending the truce "until such time as their proposal is submitted, and discussions are concluded, one way or the other." The president indicated the extension came at Pakistan's request as the country mediates talks aimed at resolving the crisis.

The ceasefire extension comes as a previous two-week truce was set to expire Wednesday. According to reports, more than 3,300 Iranians, including 383 children, have been killed since the conflict began between the U.S., Israel, and Iran.

The ongoing crisis has raised significant economic concerns globally. The International Monetary Fund warned last week that further escalation could trigger a global recession, with IMF head Kristalina Georgieva noting the conflict would remain a threat to the global economy even if resolved quickly.

Iran's control of the Strait of Hormuz has emerged as a key factor in the economic implications of the conflict, with the potential to disrupt global energy markets. Higher costs for energy, food, and fertilizer are expected to particularly impact poorer nations that rely heavily on imports.

Peace talks are scheduled to take place in Islamabad, Pakistan, though the timeline for those discussions remains unclear. Trump's announcement suggests the ceasefire will remain in effect until Iran submits a formal proposal or negotiations reach a definitive conclusion.