U.S. and Iran negotiators hold marathon Switzerland talks through Sunday night

Senior U.S.-Iran talks in Switzerland ran through Sunday night, focusing on a nuclear deal and the implementation of a Lebanon ceasefire, after Iran publicly threatened a shutdown of the Strait of Hormuz the previous day in response to Israel’s actions in Lebanon. As negotiations continued, Trump issued a hard-line warning calling on Iran to immediately restore free passage through the waterway. The Strait of Hormuz carries about 20% of global seaborne crude oil, and any potential blockage is viewed as a sudden, verifiable supply-disruption risk that can quickly add a geopolitical risk premium to oil prices.