Axios

Vice President JD Vance will head the U.S. negotiating team for the peace talks with Iran on Saturday, White House press secretary Karoline Leavitt said on Wednesday.

Why it matters: It's the highest level meeting between the U.S. and Iran since the 1979 Islamic revolution, as ceasefire negotiations hit a crucial tipping point that could lead to the resumption and escalation of the war if the high-stakes talks fail.

The U.S., Israel and Iran agree that a ceasefire is now in effect, but they're contradicting each other and themselves in terms of what's actually been agreed to and what happens now.

Why it matters: Those differences will have to be reconciled at the negotiating table, beginning on Saturday in Islamabad. One thing everyone agrees on is that there is no guarantee this war is actually over.

Untangling the largest disruption in oil market history won't happen quickly or easily — and that means continued high prices and scarcity in major importing countries.

Why it matters: A big thing to watch following the U.S.-Iran ceasefire deal is whether it gives tanker owners enough certainty to begin resumption of large-scale traffic of oil, petroleum products and other commodities through the Strait of Hormuz.