Hopes rise for renewed talks as US military says Iran blockade is in force

Hopes for renewed talks between the U.S. and Iran rose on Wednesday amid a seven-week war that has disrupted global markets. The U.S. military stated its blockade of Iranian ports was in effect, while Iran threatened retaliation. U.S. President Trump indicated a second round of negotiations could occur soon in Islamabad, a sentiment echoed by the U.N. Secretary-General. Simultaneously, the Israeli and Lebanese ambassadors to the U.S. held their first direct talks in decades, described as productive by the U.S. State Department, focusing on the conflict between Israel and Hezbollah militants in Lebanon, which has displaced over one million people since March. Oil prices fell and U.S. stocks surged on the prospect of de-escalation.