Trump Tells Team to Hold Off Iran Talks Until Deal Ready

The signal here is sequencing, not substance: Washington is conditioning engagement on a pre-committed outcome, which shifts leverage to whoever defines 'ready.' For markets, the practical read is that any near-term de-escalation path runs through a narrower channel than the tone of the discussions suggested. Whether Tehran treats the pause as pressure or as an opening is the open question, and it is the variable most likely to move risk sentiment around Iran-linked assets.