U.S. and Iran conclude high-level talks in Switzerland, cite encouraging progress
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U.S. Vice President JD Vance said the Swiss talks with Iranian officials laid a foundation for a final agreement to end the war, while technical negotiations continue.
Vice President JD Vance told reporters that the lengthy discussions with senior Iranian officials in Switzerland established a "good foundation for a successful final deal" to end the conflict that began in late February. He said the talks focused on mechanisms to keep the Strait of Hormuz open and to maintain a ceasefire between Israel and Iran-backed Hezbollah in southern Lebanon.
Iranian officials described the progress as "major" and highlighted the cessation of fighting in Lebanon as the first test of the negotiations. The U.S. Treasury announced a 60-day license waiving sanctions on Iranian oil, allowing limited imports into the United States until Aug. 21.
Technical talks are set to continue through the next two months, with U.S. envoys Jared Kushner and Steve Witkoff handling details. Vance suggested that unfreezing Iranian assets could enable purchases of U.S. agricultural products, a proposal reportedly developed with Qatar's involvement.
Mediators from Pakistan and Qatar issued a joint statement calling the outcome "encouraging progress." The interim agreement, signed last week by U.S. and Iranian leaders, provides a 60-day window to address issues such as Tehran's nuclear program.
While President Donald Trump did not attend the summit, his public comments were noted as having caused a brief pause in the talks. Vance said the negotiations proceeded despite those remarks.
In Lebanon, the ceasefire appears to be holding, with no reported Israeli strikes and a reduction in Hezbollah attacks. Israeli forces indicated they would lift movement restrictions near the border.
Investors responded with mixed trading and a slight dip in oil prices as optimism grew around the diplomatic progress.