Iran shut the world's most important oil shipping lane while the US insists it's open — bad for oil markets and anyone betting on stable energy prices.

• Iran's Revolutionary Guard says it closed the Strait of Hormuz to all ships, blaming Israel for attacks and the US for breaking ceasefire terms.
• The US says the opposite — that the strait is open and Iran's military is wrecked, leaving Iran weak and under heavy economic pressure.
• A ceasefire was brokered Friday, but fighting kept going, so both sides are now sending teams to talk in Switzerland.
• Trump posted that the US itself may charge tolls to pass through the strait if no deal is reached, calling America the region's "guardian angel."
• The US is sending Jared Kushner, Steve Witkoff, and JD Vance, who admits he doesn't grasp the diplomatic side and just wants results.

Outlook: Talks in Switzerland will decide whether the strait reopens, but with both sides telling opposite stories, oil supply risk stays high near-term.