U.S. and Iran negotiations have stalled, raising fresh doubt over the reopening of the Strait of Hormuz and the timing of any recovery in global oil flows. The talks had been viewed as a critical step toward restoring tanker traffic through the strait, a vital corridor for global crude and liquefied natural gas shipments. With the negotiations now in question, traders and operators face continued uncertainty over whether flows through the waterway will normalize in the near term. U.S. officials have indicated they are not rushing toward a deal, while Iranian officials have suggested there is limited progress on core issues, including nuclear policy and broader regional security concerns. The lack of clarity around negotiations leaves the status of Hormuz—and the broader supply outlook—highly uncertain as the ceasefire approaches expiration. Map source: Global Energy Infrastructure.