US Waives Iran Sanctions for 60 Days as Peace Talks Advance and Lebanon Sees Calm

The United States has granted Iran a 60-day sanctions waiver following the first round of negotiations under a newly established peace agreement, signaling a potential breakthrough in efforts to ease tensions across the Middle East. The decision comes as officials report a significant reduction in violence in Lebanon, where a ceasefire appears to be holding after months of conflict.

The latest developments follow a tense weekend that threatened to derail the fragile agreement. U.S. President Donald Trump warned that military action could resume if Iran interfered with shipping through the Strait of Hormuz after Tehran announced the strategic waterway was closed. However, tanker traffic began recovering on Monday, while global oil prices continued to decline.

U.S. Vice President JD Vance described recent talks with Iranian officials in Switzerland as productive, saying they created a strong foundation for a comprehensive peace deal. Mediators from Pakistan and Qatar confirmed that both sides agreed to pursue a roadmap toward a permanent agreement within 60 days during discussions held in Buergenstock, Switzerland.

As part of the agreement, the U.S. Treasury authorized temporary sanctions relief until August 21, allowing Iran to export oil and petroleum products and receive payments. Iranian officials also announced progress toward accessing frozen assets and launching reconstruction initiatives aimed at supporting the country's economy.

Despite Vance’s statement that Iran had agreed to permit nuclear inspections, Tehran denied that formal nuclear negotiations had begun. President Trump nevertheless expressed confidence that inspections would eventually ensure what he called “nuclear honesty.”

The agreement also includes measures designed to prevent maritime disruptions in the Strait of Hormuz and reduce regional hostilities, particularly in Lebanon. Although Israel is not a direct participant in the deal, a separate ceasefire has significantly reduced fighting between Israeli forces and Hezbollah since the weekend.

Lebanese officials reported the longest period of calm since the conflict began, offering hope to millions displaced by the violence. Technical discussions are expected to continue throughout the week as negotiators work toward a lasting Middle East peace agreement.