Is the tension between the United States and Iran to accumulate bargaining chips? In two days over the weekend, the Strait of Hormuz went from "full opening" to re closing. The United States seized Iranian cargo ships, Trump threatened to destroy Iranian infrastructure, and Iran refused to confirm its participation in the new round of negotiations. According to AXIOS, Iran has not yet expressed its intention to participate in the second round of negotiations in Islamabad, fearing that Trump may use the negotiations as a cover to launch attacks. The differences between hardliners and moderates within Iran have also been brought to the forefront, and behind the tense military friction, the internal differences between the political leadership and IRGC hardliners regarding the bottom line of concessions to the United States are becoming increasingly open. Based on Mujetaba's previous statement, Iran did not retaliate substantively after the US military blocked Iranian ports last week. It seems that even hardliners within Iran are not opposed to resuming negotiations in principle, but their core demand is to give Iran greater bargaining power at the negotiating table. Upon closer inspection, Iran's typical strategy of "using pressure to promote talks" is to disrupt global oil transportation (affecting oil price increases), increase economic pressure on the United States and its allies, and force the US to make more concessions on nuclear issues, lifting sanctions, ceasefire conditions, and other aspects. At the same time, there are differences within Iran between the relatively pragmatic Ministry of Foreign Affairs and the hardline faction of the IRGC, which consolidates its influence in negotiation decisions through tough actions. Although both the United States and Iran are expressing their strong stance, they have not moved towards a comprehensive military escalation (ceasefire is still being maintained), but have repeatedly "opened and restricted" the strait. From this perspective, it is actually to increase their own confidence at the negotiating table. The core logic lies in: Iran is unwilling to reopen the strait under weak or unilateral concessions; The United States does not want to appear coerced. They are all signals of chip accumulation and a means of exerting maximum pressure. Of course, for the market, after the optimism and strong rebound in the past two days, it is now a critical position where the ceasefire is about to expire, both sides are pushing each other to the limit, and various back and forth information may also cause the market to enter a period of volatility, and the amplitude of the shock may not be small. This article is sponsored by @ bitget_zh, titled 'Bitget Buying US Stocks: Instant Entry, Smooth Trading'