The United States has waived sanctions on Iran for 60 days, starting Tuesday, signaling progress in preliminary peace talks aimed at easing tensions in the Middle East. This move followed the initial negotiations held in Buergenstock, a Swiss mountain resort owned by Qatar, where both sides agreed on a roadmap toward a permanent agreement within two months.
The interim deal, signed last week, includes provisions designed to halt ongoing hostilities, particularly in Lebanon, where clashes between Israel and Hezbollah—an Iran-aligned group—have escalated since Israel's invasion in March. Although Israel was not a party to the peace agreement and maintains it will not withdraw troops from Lebanon, a ceasefire was reached on Friday. Lebanese officials reported a decline in fighting since Saturday night, contributing to a calmer regional atmosphere.
One significant component of the agreement is a mechanism to ensure the safe passage of commercial vessels through the Strait of Hormuz, a critical chokepoint for global oil shipments. After Iran declared the strait closed amid rising tensions over the weekend, tanker traffic gradually resumed, and oil prices began to fall. U.S. President Donald Trump had threatened to restart hostilities if Iran persisted in closing the waterway, adding to the volatility.
The Treasury Department’s waiver allows Iran to export oil and petrochemical products and receive corresponding payments until August 21. Iranian Foreign Minister Abbas Araqchi confirmed that Tehran had secured these waivers, alongside the release of some frozen assets and the launch of a reconstruction and development initiative. According to U.S. officials, including Vice-President JD Vance who engaged directly in the talks, these agreements lay a strong foundation for a final peace deal. Vance also stated that Iran had agreed to permit nuclear inspectors to operate within its borders and had accepted processes to manage frozen assets and monitor ceasefires.
However, Iran’s Foreign Ministry spokesperson Esmaeil Baghaei disputed some of these claims, telling the state news agency IRNA that discussions on the nuclear program had not yet taken place, and no new commitments had been made on that front. Iran has maintained that its nuclear activities are peaceful but had limited inspections by the International Atomic Energy Agency following airstrikes by the U.S. and Israel last year. These inspections were suspended entirely when war erupted earlier this year.
The talks, mediated by Pakistan and Qatar, also introduced arrangements involving the U.S. and Qatar jointly overseeing Iranian funds once unfrozen, with restrictions directing expenditures toward American agricultural products such as corn, soy, and wheat. White House envoy Jared Kushner played a role in developing this financial oversight mechanism.
Despite some weekend flare-ups described by Vance as “a little bit of threatening” and “whining,” the overall assessment from U.S. officials remains cautiously optimistic, with technical discussions expected to continue throughout the week in an effort to finalize a comprehensive peace agreement.