Iran, US Still Far From War-Ending Deal as Mediators Narrow Gaps

The persistence of gaps, even with mediators actively narrowing them, suggests the dispute's core issues are harder than the diplomatic process itself. For markets, this is a reminder that headline optimism about mediation progress can outrun the actual state of talks, leaving risk pricing vulnerable to sharp repricing when deadlines or expectations slip. The absence of any stated timeline is itself the signal to watch: whether mediators can convert narrowed differences into a framework, or whether the process stalls without one.