🔴 LATEST (JUNE 24): US and Iran signed 14-point MOU at Versailles on June 18, triggering 60-day negotiation window. Hormuz traffic recovering but volatile: 55 ships transited June 21 per CENTCOM, but Iran re-declared strait “closed” June 20 citing Israeli strikes in Lebanon. Windward reported only 12 transits on June 22. Brent crude collapsed from $111 peak to ~$77 as 30M+ barrels of Iranian oil shipped in past week. US granted Iran 60-day oil sales license. Goldman Sachs expects Gulf exports at pre-war levels by end of July. Lebanon remains the key spoiler: Hezbollah rejected ceasefire terms, fighting continues. Switzerland talks produced “roadmap” and four working groups on nuclear issues.