US and Iran reached early progress on a peace deal at talks in Switzerland, but markets reacted nervously and the outcome is far from settled.

• Both sides agreed to a roadmap aimed at a final deal within 60 days, with more technical talks to follow.
• Qatar and Pakistan did most of the work as go-betweens, while the US team looked sidelined.
• The plan would lift some sanctions on Iran, release frozen assets, and try to keep the Strait of Hormuz open for shipping.
• Stocks fell and oil prices rose as the talks opened, and Trump still threatened fresh strikes while Israel keeps attacking.
• Even if a deal holds, getting trade and oil flows back to normal could take a long time.

Outlook: More talks are set for this week, but with threats still flying and markets jumpy, a real deal in 60 days is far from guaranteed.