Free Hormuz... not so fast. The US reportedly made a concession to Iran regarding the closure of the southern route in the Strait of Hormuz, but Iran rebuked the offer saying that the Strait of Hormuz would not open until the war is completely over. The week opened on a more constructive footing as diplomatic efforts replaced the immediate threat of military escalation. President Trump said talks with Iran are expected to begin, although Tehran has denied that formal negotiations are scheduled, leaving uncertainty over whether meaningful progress will be made. The Strait of Hormuz remains the focal point for global markets, with discussions continuing over restoring normal shipping traffic but no final agreement yet in place. Israel continues to maintain a cautious stance, signaling it is prepared to act independently if it believes Iran poses a renewed security threat. Meanwhile, oil prices retreated as traders reduced the odds of an imminent military conflict, though a meaningful geopolitical risk premium remains until diplomacy produces tangible results and shipping through Hormuz returns to normal. Having said all that, this report is a negative toward a solution. Freeing Hormuz is still in the distance. This article was written by Greg Michalowski at investinglive.com.