U.S. Treasury clears Iran to sell its oil on global markets through August
The U.S. Treasury, making good on a condition of the memorandum of understanding with Iran signed last week by President Trump, cleared Iran to start selling its oil and gas again on Monday.
The Treasury confirmed in a statement that it was waiving all existing U.S. sanctions on “the Production, Delivery and Sale of Crude Oil, Petrochemical Products, and Petroleum Products of Iranian-Origin through August 21, 2026.”
The waiver also means the U.S. can import crude oil and other “petrochemical and petroleum products of Iranian origin” for domestic use.
Iran’s oil and gas sales had been heavily sanctioned by the U.S. government since President Trump launched his “maximum pressure” campaign on Tehran after pulling the U.S. unilaterally out of the previous nuclear deal negotiated by the Obama administration.
The lifting of the sanctions energys will give Iran a huge financial boost while it continues negotiating with the U.S. to reclaim its roughly $100 billion in frozen financial assets — money the White House says it can ensure is only used for humanitarian purposes.
Netanyahu says Israeli forces will remain in southern Lebanon “as long as necessary”
Israeli Prime Minister Benjamin Netanyahu said Monday that Israeli forces would remain in southern Lebanon, where they currently hold a swath of ground that extends about six miles into Lebanese territory from the Israeli border.
“My directive and that of the Minister of Defense to the IDF is clear and has not changed: Our fighters in southern Lebanon have full freedom of action to thwart any direct or emerging threat to them or to the residents of the north [of Israel]. The IDF has no restrictions in this regard,” Netanyahu declared.
Iran has said repeatedly that, under the agreement with the U.S., Israeli forces must withdrawal from Lebanon.
“I stand firm that we will remain in the security zone in southern Lebanon for as long as necessary to protect the residents of the north and all citizens of the country,” said Netanyahu.
U.N. maritime agency says Tehran’s Strait of Hormuz insurance demands not “official”
The International Maritime Organization (IMO) has refuted an apparent Iranian effort to introduce a new requirement for all commercial vessels to have an insurance policy approved by Tehran before transiting the Strait of Hormuz.
The Persian Gulf Strait Authority (PGSA), an agency created by Iran during the war that the regime says has sole responsibility for regulating traffic through the vital waterway, said in documents that surfaced last last week that ships transiting the Strait of Hormuz needed insurance approved by the agency.
The IMO, a United Nations agency that regulates maritime transport – said Monday that it did not recognize the demand. In a statement, the IMO said the documents laying out the PGSA’s demands had “not been officially submitted to IMO and are not part of any official process or record.”
“All ships enjoy the right of transit passage through straits used for international navigation. This right cannot be suspended or hampered by coastal States,” the U.N. agency said, adding: “There is no established basis in international law that allows for the imposition of mandatory tolls or fees.”
Qatar’s leader says Strait of Hormuz should remain open and free, and Israeli forces must leave Lebanon
Qatar’s prime minister said Monday that he hopes the Strait of Hormuz will remain free to transit once the U.S. and Iran reach a final deal to end the war.
“Our vision for the Strait of Hormuz is that it remains open and that passage through it is free,” Prime Minister Mohammed Bin Abdel Rahman Al Thani told Qatar’s state-owned Al Jazeera network. “Our principled position is the rejection of changing the status of the Strait of Hormuz from what it was before the war.”
Al Thani also condemned recent Israeli attacks on Hezbollah in Lebanon, where the two sides’ ongoing hostilities had threatened to derail the negotiations between Iran and the U.S.
“It is unacceptable that Israel killed around 100 Lebanese in a few days during the ceasefire,” he said, “the continuation of the occupation of Lebanese territory must end and Lebanon’s sovereignty must be respected.”
U.S. military says “traffic continues to flow” through Strait of Hormuz
The U.S. military’s Central Command said Monday that the Strait of Hormuz remained open, despite any Iranian claims otherwise.
“Iran does not control the Strait of Hormuz,” CENTCOM spokesman Navy Captain Tim Hawkins said. “Traffic continues to flow, and U.S. forces are monitoring the situation to ensure this remains the case.”
Hawkins said there had been no significant reduction or repositioning of U.S. military assets in the region, but he added that commanders are constantly assessing the situation.
Iran has said all commercial vessels must coordinate with its authorities to transit the strait, but that it is not charging shippers fees during the 60-day negotiation period laid out in the memorandum of understanding signed by both countries last week.
Traffic through the vital waterway has increased over the last week, but it remains a far cry from the average of around 135 ships per day seen before the U.S. and Israel jointly launched their war with Iran on Feb. 28.
The MarineTraffic monitoring group said Monday that vessel activity through the strait had increased sharply between June 19 and 21, with 71 confirmed transits recorded, including a peak of 35 crossings on 20 June.
Vance says the past 24 hours have been “probably been the most peaceful that we’ve seen” in Lebanon
Vice President JD Vance on Monday touted “good progress” in the first direct talks between the U.S. and Iran, and he called the past 24 hours “probably the most peaceful that we’ve seen” in Lebanon since the war began.
Israel’s battle with Iranian-backed Hezbollah in Lebanon has derailed efforts on several occasions to broker a wider peace deal between the U.S. and Iran, and the memorandum of understanding signed last week calls for a halt to fighting on all fronts, including in Lebanon.
Iran’s Foreign Minister Abbas Araghchi also reported “good progress” in Sunday’s first round of talks.
Vance referred to the nexus of the separate but linked U.S.-Iran war and the Israel-Hezbollah fight as a “bit of a chicken-and-egg problem,” suggesting that some of the strikes may have been ordered by a “junior guy who fires a drone that didn’t have approval from the high command.”
Vance said Sunday’s talks had seen Iran and the U.S. establish a new mechanism to avoid such situations.
“Israel and every other nation in the region has the right to self-defense, but we want to make sure that everybody has that right to self-defense in the background where we’re talking about how to de-escalate these conflicts rather than spiraling out of control,” he said. “Sometimes what will happen is that if the conflict spirals out of control, that’s worse for everybody’s self-defense and worse for everybody’s security. So we’ve actually got the process in place to ensure that escalation doesn’t happen.”
Iran’s Central Bank hails “progress” on frozen assets
Iran’s Central Bank said Monday that “significant progress” on the release of Tehran’s frozen financial assets had been made in the first round of negotiations with the U.S. in Switzerland.
The bank’s Governor, Abdolnaser Hemmati, told the semi-official Tasnim news agency: “God willing, in the coming days, access to the resources will gradually be operationalized under certain conditions.”
Cause 11 of the memorandum of understanding says the U.S. will make Iran’s frozen or restricted funds “fully available for use” upon the implementation of the agreement.
The Wall Street Journal reported, and CBS News has also been told, that the U.S. has been working with Qatar on a plan to make billions of dollars of Iran’s frozen assets available to the regime for humanitarian purposes, likely beginning with $6 billion held in Qatar.
Officials previously confirmed to CBS News that the $6 billion held in Qatar would be some of the first assets released to Iran under an agreement, and those funds are already subject to a U.S. Treasury mechanism set up during the Biden-era to insure that the money can only be used for humanitarian purposes.
Vance: “There is still a lot to do”
Vice President JD Vance told reporters in Switzerland that although he will be heading back to the U.S., technical talks with Iran will continue “over the weeks and days to come.”
“We laid a very good foundation for a successful, final deal,” Vance said. “The final deal is a house — we set the foundation, we haven’t built the house, but we’ve laid a successful foundation to get to a good place for the American people.”
Vance said “there is still a lot to do,” but he touted “a lot of progress.”
Vance says IAEA nuclear inspectors to resume work in Iran within days: “Yesterday was a very, very good day”
Vice President JD Vance said Monday that Iran had agreed to allow nuclear inspectors from the United Nations’ International Atomic Energy Agency back into the country, saying “we have made a lot of great progress on nuclear talks.”
Vance said allowing the nuclear inspectors back in is “probably what we’re most excited about as Americans.” Vance called it a “very, very good day.”
“That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran,” Vance said.
Iran’s foreign ministry spokesman Esmaeil Baqaei earlier downplayed talks about the Iranian nuclear program on Sunday, telling reporters there had been “a very brief discussion” on the topic, “but there was no discussion of details, and it cannot be said that negotiations on the nuclear issue have begun.”
Vance said he expected IAEA inspections — which were carried out for years under the previous JPCOA nuclear deal negotiated by the Obama administration — to resume as soon as this week.
Vance said four objectives had been accomplished — allowing the nuclear inspectors, building a mechanism to open the Strait of Hormuz, building a mechanism for “deconfliction for the regional ceasefire” in Lebanon, and stepping up a process for future negotiations.
Vance expected to speak to reporters after first round of talks with Iran in Switzerland
Vice President JD Vance is expected to speak to reporters in Switzerland after taking part in the first round of talks with Iranian officials.
Overnight, Pakistan and Qatar said in a joint statement that “high level talks” have concluded, but that technical talks will continue through the week.
A senior U.S. diplomat said on Sunday night that “topics of discussion have included clarifying some of the confusing messaging from Iran on the Strait and building deconfliction mechanisms to ensure the Strait will remain fully open. We have also worked through deconfliction mechanisms and enforcing the ceasefire in southern Lebanon. We’ve had robust discussions on all elements of the nuclear deal. We plan to continue working through each of these issues and using today’s work as a start point for ongoing technical talks going forward.”
Vance’s news conference will be carried live in the player at the top of this page.
Iran says meeting with U.S. lasted 18 hours
Iran’s foreign ministry spokesman said Monday that the first round of talks with the U.S. in Switzerland lasted 18 hours.
Speaking to Iran’s state broadcaster IRNA, Esmail Baqaei said the talks began at about 9:00 a.m. Sunday and went on until around 3:00 a.m. Monday.
After the meeting, Iran’s delegation left Switzerland and returned to Tehran.
Further discussions are expected to take place this week, but the format has not been confirmed.
“De-confliction” communication line established between Iran and U.S. for Strait of Hormuz, mediators say
Pakistani and Qatari mediators said Monday morning that Iran and the U.S. had agreed to establish a line of communication and a “de-confliction cell,” following the first round of talks in Switzerland.
In a joint statement released early Monday, mediators said “encouraging progress” had been made during the “positive” Lake Lucerne Summit on Sunday.
According to the mediators, the U.S. and Iran agreed to establish a line of communication between the countries “to avoid incidents and miscommunication with the aim of safe passage for commercial vessels through the Strait of Hormuz.”
Additionally, a “de-confliction cell” was also established in conjunction with Lebanon’s government “to ensure the adherence of the termination of military operations in Lebanon” under the terms of the memorandum of understanding signed last week by President Trump and his Iranian counterpart, the mediators said.
Continued fighting between Israeli forces and Iran-backed Hezbollah militants in Lebanon has threatened to derail the U.S.-Iran deal, which calls for an end to all military operations on all fronts, including Lebanon.
Iran’s Foreign Minister Abbas Araghchi hailed the “progress to end Lebanon War,” but said the de-confliction cell would offer the first real test of the agreement between Tehran and Washington.
Crude prices drop after “positive” U.S.-Iran talks
Oil prices fell Monday on optimism over U.S.-Iran talks, with mediators flagging a “roadmap” to a final agreement.
Traders remained in a buoyant mood after news that the two sides had paused their conflict, which had sent energy costs soaring and stoked inflation.
There were initial jitters following reports that Iran had called off the talks over President Trump’s threat to carry out more strikes if Hezbollah kept attacking Israel, but mediators Pakistan and Qatar said the talks took place in “a positive and constructive atmosphere.”
Both main oil contracts fell in afternoon Asian trade, with international benchmark Brent crude down more than 1% to just under $80 a barrel.
Stock markets were mixed after a broadly positive start.
Iranian negotiator warns U.S. to “be careful” as Trump threatens Iran over Hezbollah
A top member of Iran’s negotiating team warned American officials to “be careful with their statements” and cautioned that Iran’s armed forces “are ready to respond,” after President Trump threatened to strike Iran if it doesn’t immediately stop Hezbollah from “causing trouble.”
Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote on X: “Don’t they think to themselves that if their threats had any effect, they wouldn’t have reached the point of despair today? We don’t count on the threats of the Americans.”
The fresh saber rattling could inject new uncertainty into already delicate talks between the U.S. and Iran in Switzerland.
