US-Iran Diplomatic Deadlock Deepens

Trump rules out talks, Iran says no talks until 2029, and market odds for peace talks drop to 11.5%. Odds for the Iran-Oman Hormuz agreement fell to 16.5% for the August deadline. Rezaei ties Hormuz reopening to US conditions. The 60-day ceasefire has expired and the MOU is dead. No diplomatic offramp in sight.