Peace talks with Iran just began. Then Iran shut a key oil route again.
That was the split screen investors woke up to on Sunday.
The talks took place at a resort in Switzerland, with Qatar and Pakistan sitting in to help. They were the first meetings under a deal both sides signed a week ago.
That deal asks Iran to reopen the strait and stop all fighting. That includes the fighting in Lebanon.
Iran says the U.S. broke that promise, so it shut the strait again to hit back. Vice President JD Vance led the U.S. side and said these things are "always a little bit messy."
There was no joint photo. Iran's foreign minister walked in and hugged Pakistan's leader, but never spoke to Vance.
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The Strait of Hormuz is a narrow strip of sea. A big share of the world's oil moves through it. Think of it as one doorway, and millions of barrels squeeze through it each day. When that doorway shuts, oil gets harder to ship, so prices tend to climb.
Ship data showed the squeeze, with just one small tanker crossing after Iran's move. Most shipping firms say it's too risky to cross without Iran's say-so.
Iran's last closure lasted nearly four months. It was the biggest hit to world energy supplies on record.
When oil jumps like that, some investors hunt for safe havens. Gold is a common pick until things calm down.
This all traces back to Lebanon, where Israel invaded in March. More than a million people have fled their homes since then.
A new ceasefire was set on Friday, but it didn't really hold. Lebanese officials said 20 people died in strikes on Saturday alone.
Still, Sunday was the calmest day in a while, with no major attacks reported by night.
Iran made the call over the weekend, when U.S. markets were shut. So the price move waits until markets open Monday.
Oil had fallen all week to its lowest level since the war began. That drop came because traders bet the deal would hold.
Now that bet is in doubt. Iran says bigger talks, like ones on its nuclear plan, can't start until the Lebanon fighting ends.
Trump warned the U.S. would hit Iran "very hard again" if its allies keep fighting. He even threatened to take over the waterway.
He also said last week's deal was meant to head off a global crash driven by high oil prices.
Iran's president took a softer tone, saying he hoped the talks could free up frozen Iranian funds.
The signed deal gives both sides 60 days to settle the big issues. Monday's oil open will show whether traders think this deal survives.
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