The U.S.-Iran talks on Friday were cancelled, international oil prices rebounded slightly, and gold prices fell by 2%.

According to a statement from the Swiss Foreign Ministry, the US-Iran talks scheduled to take place at the Brgenstock Resort in Switzerland on Friday will be canceled. Earlier, a White House spokesperson said that US Vice President Pence had canceled his trip to Switzerland to meet with Iranian negotiation representatives on Friday. The trip was aimed at implementing the ceasefire agreement reached earlier between Tehran and Washington. The US and Iran are entering a 60-day countdown to reach a nuclear agreement and a more lasting peace agreement. A White House spokesperson said on Thursday that the logistics challenges have not yet finalized the nuclear negotiation plans. The spokesperson said that the US delegation is prepared and ready to depart at any time once conditions allow. Pence revealed earlier in a press conference that he believed technical talks would begin at some point this weekend, at which point he would travel to Switzerland. It is reported that US President Donald Trump and Iranian leaders signed a temporary agreement on Wednesday to end months of ongoing war and reopen the Strait of Hormuz. During the talks, both sides will attempt to reach agreement on restricting Tehran's nuclear program and how to dilute or destroy its high-grade uranium stockpile. However, many nuclear experts believe that 60 days is not enough time to solve such complex and highly technical issues. But the agreement does indeed provide for the possibility of extending the time. Earlier on Thursday, Pence played down concerns that Iran may ultimately charge fees for passage through the Strait of Hormuz. He said, "First of all, we believe that international waterways should be free of transit fees." He also pointed out that countries in the region "will jointly establish an appropriate security framework for the future of the strait." Pence added that there would be no final agreement if the strait is not opened. Trump emphasized in an interview that global oil pressure prompted him to sign the agreement. He also warned that a prolonged closure of the Strait of Hormuz "may trigger a global economic recession." The US Central Command announced on Thursday that it had lifted the blockade on traffic to Iranian ports and coastal areas. Iran also said that from the 16th of this month, commercial ships headed to southern Iranian ports have resumed normal passage. Tankers began to leave the Strait of Hormuz on Thursday, while Kuwait said it would gradually increase production. Ships carrying nearly 10 million barrels of oil have appeared outside the strait or are crossing the strait. At the time of writing, WTI crude oil futures rose 1.62% to $77.84 per barrel; Brent crude oil futures rose 0.65% to $80.37 per barrel. However, WTI crude oil prices fell by 8.25% this week, while Brent crude oil prices fell by 7.90% this week. Spot gold fell by 2% to below $4130 per ounce. Gold futures fell by 2.2%. Asian stock markets fluctuated, with the South Korean KOSPI index and the Nikkei 225 index briefly turning lower.