The US temporarily suspends oil sanctions, and Iran opens its doors to nuclear inspectors.
On June 22, the United States announced a temporary lifting of sanctions on Iran's oil industry. This move came after Tehran agreed to allow UN nuclear inspectors to return to work, marking a significant step in efforts to end the 40-day-long armed conflict.
In the Burgenstock resort area of Switzerland, diplomatic efforts to end the conflict between the US, Israel, and Iran are seeing positive signs after a fragile ceasefire was established. Last week, Washington and Tehran signed a memorandum of understanding, laying the groundwork for the current round of negotiations.
US Vice President JD Vance called Iran's agreement to invite inspectors from the International Atomic Energy Agency (IAEA) back "a significant milestone and a first step toward the permanent denuclearization" of the Middle Eastern nation.
Previously, Tehran suspended cooperation and blocked IAEA access to key nuclear facilities after these sites were targeted by US and Israeli airstrikes during a 12-day conflict in 2025. Since November 2025, no inspectors have been allowed to enter Iran.
In response to concessions from Tehran, the US Treasury Department announced a temporary lifting of sanctions, allowing Iran to extract, sell, and transport crude oil and related products until August 21st. US Treasury Secretary Scott Bessent stated that this decision was based on Tehran's commitment to ensuring "free and open transit" through the Strait of Hormuz – a vital waterway for the global oil industry.
US President Donald Trump also affirmed from Washington: "The Strait of Hormuz is now completely open to ships... We are negotiating, but we have achieved two things: An open strait and a nation that will never possess nuclear weapons."
Mediators from Pakistan and Qatar said that the US and Iranian delegations had agreed on a "roadmap toward a final agreement within 60 days," with technical talks to continue in Switzerland. A direct communication channel has also been established to "avoid incidents and misunderstandings" in the Strait of Hormuz.
On social media, Iranian Foreign Minister Abbas Araghchi offered an optimistic outlook: "Sanctions on oil and petrochemical exports have been waived, the blockade has been lifted, some frozen assets have been released, and a major reconstruction and development plan for Iran has been launched."
Meanwhile, US Vice President JD Vance affirmed that Iranian assets have not yet been unfrozen. He emphasized that if these assets are unfrozen in the future, they will be controlled to purchase American goods such as agricultural products and will not be used to finance terrorist activities.
Iranian Foreign Ministry spokesman Esmaeil Baqaei was more cautious, stating that the two sides "only discussed the nuclear issue very briefly, without going into detail."
To solidify the agreement, US Secretary of State Marco Rubio is expected to begin a trip to the United Arab Emirates (UAE), Kuwait, and Bahrain to discuss efforts to ensure maritime security in the Strait of Hormuz.
