Senior U.S. and Iranian negotiators concluded initial talks in Switzerland on Monday after a first day of discussions produced a 60-day roadmap toward a broader agreement and set up mechanisms addressing the Strait of Hormuz and the conflict in Lebanon.
The U.S. waived sanctions on Iran for 60 days after the initial talks under a new peace agreement, while officials reported a sustained lull in fighting in Lebanon under a related cease-fire.
Tanker traffic began to recover on Monday, and oil prices fell, settling down 3% after Vice President JD Vance said progress had been made.
Mediators Pakistan and Qatar said the sides agreed on a roadmap toward a permanent agreement within 60 days at talks in the Qatari-owned Swiss resort of Buergenstock.
They also agreed on a mechanism to end fighting in Lebanon between Israel and Hezbollah, and opened a communications line to help secure commercial shipping through the Strait of Hormuz.
In the first step toward economic relief for Iran, the Treasury said sanctions would be waived until Aug. 21, allowing Tehran to sell oil and related products and receive payment.
Vance said Tehran had agreed to admit nuclear inspectors and create mechanisms to manage frozen assets and cease-fires. “We laid a very good foundation for a successful final deal,” he told reporters.
But Iranian Foreign Ministry spokesperson Esmaeil Baghaei told the official IRNA news agency that Iran had not discussed nuclear issues or made new commitments. Trump wrote on Truth Social that Iran would agree to weapons inspections to ensure “nuclear honesty.” He later told reporters: “If Iran doesn’t live up to their agreement, or if they’re not behaving, I will do what I have to do.”
Iran says its nuclear program is peaceful. It has limited inspections by the International Atomic Energy Agency since Israeli airstrikes began last year, and suspended them when war broke out in February.
Iranian Foreign Minister Abbas Araqchi said on social media that Tehran had secured waivers for oil and petrochemical exports, the release of some frozen assets, and a reconstruction and development plan. Vance said White House envoy Jared Kushner proposed that Qatar control unfrozen Iranian funds and that the money could be used on corn, soy, and wheat. “So, the money that we lift is going to go to our farmers,” Trump said.
However, Iran’s Central Bank governor, Abdolnaser Hemmati, said there was no such obligation and that at least some funds could be used for other non-sanctioned goods, according to Tasnim. Technical talks were due to continue through the week.
In Lebanon, Israeli officials were not party to the broader peace deal and have said troops will remain in the country, but Israel agreed to a new cease-fire on Friday. Lebanese officials said the fighting had eased since Saturday night. More than 1 million Lebanese have been displaced.
Talks were expected to continue this week as both sides worked through nuclear, sanctions, and security issues. Iranian state media reported that negotiations were briefly disrupted Sunday after remarks by President Donald Trump, before discussions resumed.
Switzerland on Monday welcomed what it called “constructive progress” during the overnight negotiations at the Bürgenstock resort, citing the creation of a high-level committee and a roadmap aimed at reaching a final agreement within 60 days.
The Swiss Foreign Ministry said the framework would help structure the next phase of political and technical talks and reiterated its support for efforts aimed at de-escalation, stability, and peace.