Planned US-Iran peace talks in Switzerland were abruptly called off and then reinstated over the weekend, while Iran said Israeli bombing in Jordan justified closing the Strait of Hormuz again; Brent crude had fallen below $80 a barrel after the 15 June agreement for the first time since the war’s early days. Oxford Economics expects Gulf GDP to contract 2.6% this year, TS Lombard’s Dario Perkins projected the Fed could raise rates four times to 4.5–5% by end‑2027, and the ECB has already raised rates for the first time since 2023. It is the first diplomatic disruption since the deal was announced on 15 June and Iranian tanker shipping resumed on 16 June.
Context
It is the first diplomatic disruption since the deal was announced on 15 June and Iranian tanker shipping resumed on 16 June.
