The United States has temporarily eased restrictions on Iran’s oil trade, offering Tehran significant economic relief as diplomats attempt to turn a fragile regional ceasefire into a lasting agreement.
The 60-day waiver allows Iranian crude oil and petrochemicals to be produced, transported, insured, and sold through financial channels previously blocked by U.S. sanctions. Transactions may also be conducted in American dollars, while Iranian oil can be imported directly into the United States until the measure expires on 21 August.
The announcement followed negotiations at the Swiss resort of Bürgenstock, where Qatar and Pakistan acted as mediators between Washington and Tehran. Both governments agreed to continue working towards a final settlement within 60 days, while technical discussions are expected to address the most contentious issues.
U.S. Vice-President JD Vance said the meeting had provided a “very good foundation.” Negotiators also discussed maritime security in the Strait of Hormuz, commercial shipping, and steps intended to prevent renewed military clashes across the region.
However, the talks were quickly overshadowed by conflicting accounts of Iran’s nuclear commitments.
U.S. Treasury Secretary Scott Bessent said Tehran had agreed to keep the Strait of Hormuz open and permit inspectors from the International Atomic Energy Agency to return. Vance said contact with the agency could begin “as soon as today,” while President Donald Trump claimed Iran “will agree to have Major Weapons Inspections.”
Iran rejected that interpretation. Foreign ministry spokesman Esmail Baqai said the country had made no new commitments and maintained that any future cooperation with inspectors would follow procedures approved by parliament and the Supreme National Security Council.
The disagreement could become a major obstacle in the next phase of negotiations.
International inspectors have faced restricted access to several Iranian nuclear facilities since sites were damaged during last year’s conflict involving Iran, Israel, and the U.S.
Tensions also surfaced during the Swiss meeting after Trump warned that American forces could attack Iran again. Vance said Iranian negotiators briefly considered leaving before discussions resumed.
Trump later repeated that military action remained possible if Tehran failed to meet Washington’s expectations. “If Iran doesn’t live up to their agreement, or if they’re not behaving, I will do what I have to do,” he said.
Iran’s senior delegation has since left Switzerland, although specialist teams are continuing negotiations on nuclear monitoring, sanctions relief, maritime security, and the wider regional ceasefire.