The United States has issued a 60-day license waiving sanctions on Iranian oil trade following U.S.-Iran talks here, as Vice President JD Vance said negotiations had laid a “good foundation for a successful final deal.”
Vance, who led the U.S. delegation at the Lucerne talks, also said Tehran had agreed to allow International Atomic Energy Agency inspectors back into the country.
According to the Treasury Department, the U.S. license authorizes Iran to produce, deliver, and sell its oil through Aug. 21.
“We set the foundation. We haven’t built the house yet, but we’ve laid a solid one to get to a good place for the American people,” Vance told reporters after the session.
.@VP says the negotiating team accomplished a “classic Trump deal” in Switzerland.
“Where IF Iranian assets are ever unfrozen, they’re going to go to make American farmers richer, and to feed the Iranian people… that’s great for our people, great for the people of Iran, and… pic.twitter.com/C2KmCPvTob
— Rapid Response 47 (@RapidResponse47) June 22, 2026
Pakistan and Qatar, the key mediators, facilitated the Swiss round of talks, which lasted several hours into Monday.
The discussions came on the heels of an initial peace agreement between Washington and Tehran, but they were overshadowed at the outset by the conflict in Lebanon and President Donald Trump’s latest warning to Iran over its threat to close the Strait of Hormuz — a strategic maritime route through which roughly one-fifth of global oil passes.
Speaking after the talks, Vance said the Iranian delegation threatened to walk out during Trump’s strongly worded warning against any further closure of the strait.
“What we told the Iranians yesterday is when you guys engage in what us millennials might call ‘trash talk,’ you can’t expect the president of the United States not to respond and not to correct the record,” the vice president said.
BREAKING: VP Vance announces major progress made by the United States and its negotiating team while finalizing a deal with Iran:
“Yesterday was a very, very good day. We made a lot of good progress. We did exactly what we wanted to do… the Iranians have agreed to invite IAEA… pic.twitter.com/ExpYCS2KK2
— Fox News (@FoxNews) June 22, 2026
He also noted that unfreezing Iranian funds would help American farmers, as the money would be used to buy soybeans and other agricultural products.
“We wanted to set up a process so that if we ever unfreeze Iranian assets, we can ensure the money helps the Iranian people and does not fund terrorism,” Vance added.
He further revealed that Jared Kushner, the president’s son-in-law and senior adviser, had proposed a solution with Qatari mediators: if frozen Iranian assets are released, both the U.S. and Qatar would have approval over the funds, which would then be used to buy American corn and wheat for the Iranian people.
Kiran Asim is a writer who covers the U.S., Europe, South Asia, and the Middle East. Her reports and analyses look at the geostrategic issues and contemporary developments and their economic and political implications. She also writes about society and education.
Asim Tanveer is a seasoned journalist working for TV and electronic and print media outlets. He has been working for some of the world’s leading news organizations including Associated Press (AP), Reuters, BBC, CNN, CNBC, Star TV, Voice of America and The New York Times for more than 20 years. He has won several awards for his live coverage of events that include a Reuters News Agency World Award and the Pride of Performance award in 2010.
