Overview
- The United States and Iran signed a 14‑point memorandum this week that pauses hostilities and creates a 60‑day, IAEA‑monitored technical window to negotiate a longer deal.
- Shipping through the Strait of Hormuz resumed and oil prices fell after the pact, but global reserves and inventories were heavily drawn down during months of blockade and remain vulnerable.
- Preparatory talks in Switzerland were delayed after fresh Israel‑Hezbollah fighting, yet U.S. envoy Steve Witkoff and Iranian negotiators were reported to be traveling to Switzerland to restart diplomacy.
- Iran’s Khatam al‑Anbiya military command announced it would close the Strait of Hormuz, citing alleged ceasefire breaches, a move that directly threatens the pact’s promise of toll‑free passage for 60 days.
- Key issues such as missiles, Iran’s proxy networks, and detailed nuclear verification were left for later talks, fueling political opposition and raising the chance that the temporary truce will collapse and re‑shock markets.