Deadline for wider U.S.-Iran deal about to expire amid stalemate

The 60-day negotiation period between the U.S. and Iran expired on Monday with no deal reached, leaving the status of the Strait of Hormuz unclear and causing shipping traffic in the waterway to sink to new lows. Iran ruled out extending an interim deal and threatened to escalate the conflict, while oil prices rose in response to the impasse. Both parties appear to be preparing for a prolonged campaign of economic attrition rather than reaching a broader agreement on Iran's nuclear program.

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