It wasn't clear whether US or Iran was ready to accept a new halt to the fighting after the preliminary peace deal they signed in mid-June collapsed earlier this month, WSJ reports citing sources

• Qatar has floated the idea of a 10-day ceasefire and an end to restrictions on shipping in the strategic waterway, mediators said.
• "Other proposals for a temporary ceasefire were also presented to Iran in recent days, but Iran's Islamic Revolutionary Guard Corps hasn't responded to them, some of the mediators said."

The uncertainty surrounding the potential for a ceasefire between the US and Iran heightens the geopolitical risks in the region. As Minsk discussions falter, traders should monitor how this may influence oil prices, particularly WTI, given that tensions in the Middle East often impact supply dynamics. Additionally, fluctuations in the USD and JPY could arise as markets react to shifts in sentiment around the situation, suggesting increased volatility across forex pairs and commodities.