The World in Brief from The Economist

Viktor Orban, Hungary’s prime minister since 2010, conceded defeat in parliamentary elections. Also, the Pentagon said a blockade of the Strait of Hormuz would begin at 10am Eastern Time on Monday.

Viktor Orban, Hungary’s prime minister since 2010, conceded defeat in the country’s parliamentary elections.

Donald Trump said America would begin a blockade of the Strait of Hormuz after peace talks with Iran broke down. Commenting on the negotiations, Mr Trump said they “went well” and that “most points were agreed to”, except the “only point that really mattered, NUCLEAR”

J.D. Vance said that after 21 hours of peace talks in Pakistan America and Iran had failed to agree a deal; Two American destroyers passed through the Strait of Hormuz to begin clearing Iranian-laid mines, the Pentagon said.

Three supertankers passed through the Strait of Hormuz, a tentative sign that Iran may be easing its blockade of the waterway

Iranian officials met with Pakistan’s prime minister, Shehbaz Sharif, ahead of peace talks with America in Islamabad. America’s vice-president, J.D.Vance, was greeted in the capital by Pakistan’s foreign minister; The four astronauts on the Artemis II mission around the Moon returned safely to Earth, with a “textbook” splashdown in the Pacific Ocean.

The S&P 500 dipped on Friday as investors grew cautious ahead of talks between America and Iran, but the index ended the week up 3.6%, its best performance since November

Iran said it would join talks with America in Pakistan on Saturday only if its overseas assets are unfrozen and a ceasefire holds in Lebanon.