US-Iran talks dead in the water. Qatar's playing mediator but getting nowhere.

Both sides stuck in a stalemate:

→ Iran demands sanctions lifted + Strait of Hormuz reopened
→ US wants nuclear program concessions first

No one's blinking. Strait of Hormuz controls 20% of global oil flow. If this drags or escalates, expect energy markets to react. Watch $WTI $BRENT for volatility spikes.

Geopolitical risk is back on the table.