Published on June 23, 2026, 5:49 PM GMT+2
Vice President JD Vance stated that intensive discussions with senior Iranian officials in Switzerland have laid a solid groundwork for a definitive ceasefire agreement, aiming to permanently end the conflict that began in late February between the United States and Israel.
Vance and other U.S. officials indicated progress on several key fronts, notably the creation of mechanisms to keep the Strait of Hormuz — a crucial conduit for global energy transit — open, and to address hostilities between Israel and Iran‑backed Hezbollah in southern Lebanon, where a tentative ceasefire seems to be holding.
The interim agreement to halt hostilities, signed last week by U.S. President Donald Trump and Iranian President Masoud Pezeshkian, establishes a 60‑day window for negotiations on critical matters, such as the future of Iran’s nuclear program, which Tehran maintains is strictly peaceful.
Vance left Switzerland while technical negotiators continued their work, and President Trump emphasized that maintaining an open Strait of Hormuz would generate “an oil surge,” underscoring that respect from Iran is essential to ending the conflict.
“As long as Iran respects us, we will not encounter any trouble,” Trump said in the Oval Office, noting that the term ‘fear’ is inappropriate.
Iran shut the Strait of Hormuz following the U.S. and Israeli attacks on February 28, which drove fuel prices sharply higher across the region.
The interim accord was intended to reopen the strategic waterway, through which dozens of vessels transited over the weekend, despite the main route remaining mined and closed.
Iranian parliamentary speaker Mohammad Bagher Ghalibaf asserted on Monday that Tehran will manage the Strait of Hormuz, while adhering to international law.
“We hope to reactivate the strait for passage and restore prosperity to the region and global economy,” Ghalibaf said to Iranian state media during his flight back from Switzerland.
Ghalibaf and Foreign Minister Abbas Araghchi arrived in Oman on Monday night, where they met with Omani Foreign Minister Badr al‑Busaydi to discuss peace initiatives and ensure safe navigation through the Strait of Hormuz.
The U.S. Treasury issued a 60‑day license on Monday that temporarily lifts sanctions on Iranian oil as part of the interim agreement, permitting Iranian oil imports into the United States for the first time since the 1990s.
Tanker traffic through the Strait of Hormuz continued to rise, with Kpler reporting 71 confirmed transits over the weekend and a peak of 35 on Saturday; prior to the conflict, 100‑130 vessels traversed the strait daily.
In financial markets, Brent crude dropped 3.2% to $77.52 (€67.85) per barrel, nearing its pre‑war level of about $70 (€61.27), while U.S. benchmark crude fell 2.6% to $73.86 (€64.65). This represents a sharp decline from peak war prices that exceeded $120 (€105) per barrel.
Additional sources • AP