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#USIranTalksProgress The most important part of the US-Iran talks may be that both sides finally have something concrete to negotiate 👀 Three hours in New York produced no ceasefire, but Iran put specific demands on the table around Hormuz, the maritime blockade and frozen assets, while Trump says another meeting is coming. What stands out to me is how quickly markets may price peace before peace actually exists. Oil has already reacted to diplomatic hopes, yet the hardest issues remain unresolved and military pressure is still part of the backdrop. The next signal isn't another positive headline. It's whether either side actually compromises on the blockade, assets or Hormuz. Diplomacy can remove a risk premium quickly. Rebuilding trust takes much longer.