Recent discussions between the United States and Iran in Bürgenstock, Switzerland, have led to what Iran describes as "major progress" toward a peace deal aimed to be finalized within two months. These technical talks followed an interim agreement last week that extended a ceasefire and resulted in Iran reopening the Strait of Hormuz. Vice President JD Vance, who was actively involved in the negotiations, highlighted four key points of progress: establishing a mechanism for keeping the Strait of Hormuz open, coordinating the ceasefire between Israel and Hezbollah in Lebanon, agreeing on IAEA inspections, and outlining a process for remaining technical negotiations.
Vance specifically touted Iran's agreement to invite International Atomic Energy Agency (IAEA) inspectors back into the country, calling it a "major milestone." While Iran has not independently confirmed this commitment, Vance indicated that inspectors could begin work as early as this week. This development follows a period since 2025 where, despite some access, Tehran had refused inspectors access to enrichment sites in the country that were targeted by US bombings.
In a related move to foster progress, the US Treasury has issued a 60-day waiver on the sale of Iranian oil, effectively and temporarily lifting sanctions. This commitment allows Iran to sell and deliver oil sanction-free to nearly any country, including the US, until August 21. Furthermore, the US is working on an initiative for unfreezing Iranian assets, with US approval over how Tehran can utilize these funds. Mediating nations Qatar and Pakistan have lauded the progress made, leading to the formation of a "High Level Committee" to oversee mediation and establish a roadmap for a final deal within 60 days, covering nuclear issues, sanctions, and dispute resolution.
Despite some initial tensions and "blistering statements" from President Donald Trump from afar that briefly threatened to derail discussions, talks continued through the night, underscoring the commitment from both sides and mediators. The Vice President emphasized that while a "good foundation" has been laid, the "house hasn't been built yet," indicating that substantial technical talks will persist in the coming days and weeks.
