US Waives Iran Sanctions for 60 Days
Photo: REUTERS
United States waived sanctions against Iran for 60 days starting Monday following the inaugural talks of a developing peace agreement.
Despite the diplomatic opening, US President Donald Trump issued a firm warning, stating he will “do what I have to do” if Tehran fails to comply with the terms of the deal.
The negotiations took place in Buergenstock, Switzerland where mediators from Pakistan and Qatar helped the two nations establish a roadmap toward a permanent accord within the next two months.
US Vice President JD Vance noted that the discussions in Switzerland laid a “good foundation for a final peace deal,” although Iranian officials denied that any talks regarding their nuclear program had commenced.
Beyond the primary roadmap, the two sides reached an agreement on a mechanism to halt fighting in Lebanon between Israel and Hezbollah. To safeguard global trade, authorities also opened a communications line to ensure the safe passage of commercial vessels through the strategic Strait of Hormuz.
As an initial step toward providing economic relief, the US Treasury announced a waiver lasting until 21 August. This provision allows Tehran to sell oil and related products and receive payments for those exports.
Global markets responded to the de-escalation, with crude prices continuing to fall on Tuesday after closing 3 percent lower on Monday.
While officials report a sustained pause in the Lebanon conflict, Israel stated it intends to maintain a security zone in southern Lebanon. Israeli military confirmed it would continue taking action to “neutralise” threats against its soldiers and citizens.
The broader conflict has carried a heavy human and economic price, with US-Israeli strikes on Iran and attacks in Lebanon killing thousands and displacing millions.
However, signs of normalization emerged on Monday as tanker traffic began to increase through the Strait of Hormuz.
Foreign Minister of Oman reaffirmed his country’s commitment to international law and pledged to maintain toll-free safe passage as negotiations continue over the administration of the vital waterway.
Source: Reuters (adapted)
