US-Iran Diplomacy: US and Iran wrapped first high-level talks in Switzerland with Qatar and Pakistan mediating, agreeing a 60-day roadmap to a final deal, setting up a High-Level Committee and a de-confliction cell for Lebanon, plus a communications line to manage incidents and support safe passage through the Strait of Hormuz. Trump Pressure Fallout: The process stayed fragile after Trump renewed threats, prompting Iran to briefly walk out and later return, while markets tracked the risk of renewed strikes. Lebanon Truce Test: Iran’s Araghchi said “major progress” included waivers on oil and petrochem exports, blockade easing and some frozen-asset releases, calling the Lebanon deconfliction cell the “first real test,” as Israel signaled it would keep troops in a southern “security zone.” Markets & Shipping: Oil and gold swung on the talks’ tone; shipping through Hormuz slowed amid conflicting reports of closures, while mediators pushed for a stable corridor. Regional Politics: Pakistan’s Sharif and Qatar’s officials highlighted the mediation mechanism, and Algeria’s and other regional defense moves stayed in the background. Sports as Soft Power: Iran’s World Cup campaign continued amid visa and travel friction, including a 0-0 draw vs Belgium and a Minab memorial note tied to the wider conflict.