The Strait of Hormuz has been closed for nearly four months, the biggest disruption to global energy supplies in history. The first round of high-level US-Iran talks in Switzerland just wrapped, and both sides agreed to a roadmap toward a final deal within 60 days. Technical talks continue through the week. Oil fell another dollar on the news. Trump has openly said he agreed to the ceasefire extension to avoid a global economic depression. That's not diplomatic language, that's a frank admission of how much pressure everyone is under to make this work.(Lark Davis)