Iran reportedly offered to reopen the Strait of Hormuz, but insisted US nuclear talks be postponed, a condition Washington is unlikely to accept.

The stalled negotiations are leading to fears for the global economy: Oil rose and S&P futures fell on signs that Washington and Tehran were no closer to a lasting truce after US President Donald Trump canceled American participation in talks with Iran.

Though Trump has insisted Washington has the upper hand against Tehran, former US officials warned that he would have to be patient, diplomatic, and willing to make concessions in order to reach a durable deal. “Trump wants them to really just capitulate,” an Obama- and Biden-era negotiator told Bloomberg. “That’s never going to happen.”