US VP Vance: Iran Must ‘Behave’ for Any Deal to Be Reached

The substantive signal here is the sequencing: Washington is conditioning any agreement on Iranian conduct rather than describing a negotiating framework, which suggests talks remain at a rhetorical stage rather than a technical one. The accompanying claim about the supreme leader's status points to uncertainty in US intelligence assessments of Iran's leadership — a gap that itself constrains how far any deal can progress. For markets, the relevant question is whether this hardens into a durable posture or gives way to engagement; the absence of any detail on timing or the state of negotiations leaves that open.