The United States has temporarily lifted sanctions on Iran for 60 days following early talks under a newly brokered peace framework.
The move came after negotiations between U.S. and Iranian officials held in Switzerland, marking the first phase of a broader diplomatic process.
President Donald Trump said Washington would enforce compliance if Tehran failed to meet its obligations under the agreement.
“If Iran doesn’t live up to their agreement, or if they’re not behaving, I will do what I have to do,” he told reporters.
U.S. Vice President JD Vance described the discussions as productive and said they laid the groundwork for a lasting peace deal.
Iran, however, denied claims that nuclear issues were addressed during the Swiss talks.
The negotiations took place in Buergenstock, a Swiss mountain resort, with mediation support from Pakistan and Qatar.
Officials said the outcome included a 60-day roadmap aimed at achieving a permanent agreement between both countries.
The deal also introduced measures to ease regional tensions, including efforts to stabilise Lebanon.
A communication channel was established to reduce conflict risks in the Strait of Hormuz.
The system is expected to safeguard commercial shipping and prevent military escalation in the strategic waterway.
As part of the initial relief package, the U.S. Treasury issued a sanctions waiver effective until August 21.
The waiver allows Iran to export oil and related products and receive payments for those exports.
Officials reported a decline in violence in Lebanon following the agreement.
However, Israel said it would maintain a security zone in southern Lebanon.
It also pledged continued operations aimed at neutralising threats against its forces and civilians.
Shipping traffic through the Strait of Hormuz reportedly increased after the agreement was announced.
Oman’s foreign minister reaffirmed commitment to international law and safe maritime passage during ongoing discussions.
The conflict involving Iran, Israel, and Lebanon has caused widespread casualties and displacement.
It has also contributed to instability in global energy markets.
Oil prices fell further on Tuesday after an earlier three percent drop.
Although not part of the agreement, Israel accepted a separate ceasefire arrangement in Lebanon.
Lebanese authorities said hostilities had largely reduced after Saturday night.
Israel and Lebanon are expected to begin new talks in Washington on Tuesday.
Vice President Vance said Iran had agreed to allow nuclear inspectors access under the emerging framework.
He also said arrangements were being made to manage frozen assets and ceasefire monitoring.
“We laid a very good foundation for a successful final deal,” Vance told reporters.
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei rejected those claims.
He said Iran had not discussed nuclear matters or made new commitments.
President Trump also stated on Truth Social that Iran would permit weapons inspections.
Iran has restricted access to International Atomic Energy Agency inspectors since strikes began last year.
Tehran maintains its nuclear programme is strictly peaceful.
Iranian Foreign Minister Abbas Araqchi said the agreement includes sanctions waivers for energy exports.
He also said provisions were made for partial release of frozen assets and reconstruction efforts.
U.S. envoy Jared Kushner reportedly proposed a framework for managing released Iranian funds.
Trump said any freed funds would support U.S. agricultural exports.
“So, the money that we lift is going to go to our farmers,” he said.
Iran’s Central Bank Governor Abdolnaser Hemmati rejected restrictions on how the funds could be used.
He said Iran would retain flexibility in spending the released assets.
Technical negotiations are expected to continue throughout the week.
