US-Iran Deal Update: JD Vance says 'great progress' towards final pact in Switzerland talks

Latest on US-Iran Talks in Switzerland: US Vice President JD Vance said on Monday that talks with Iran in Switzerland were "very good" and that "great progress" was made towards a final nuclear agreement with Tehran during negotiations between both sides, according to foreign media reports. His comments followed nearly 18 hours of intensive discussions between both sides in the Alpine nation, after the departure of Iranian negotiators from Switzerland.

Vance reportedly said that a "very good foundation" had been laid for a successful final settlement with Iran, adding that negotiators made "a lot of good progress" during the latest round of talks and expressed optimism about the path ahead. He also suggested that the latest US-Iran negotiations faced moments of friction before eventually moving forward.

The latest developments raised expectations, once again, that negotiators could move closer to a permanent settlement in the coming weeks.

A technical delegation reportedly remained behind in Switzerland to continue talks related to the Islamabad Memorandum of Understanding, a 14-point document laying the conditions for peace between the US and Iran, signed electronically last week. US President Donald Trump and Iranian President Masoud Pezeshkian signed the agreement remotely after the document was released on June 17. Technical talks with Iran will continue, said the American vice president.

The US-Iran deal is mediated by Pakistan and Qatar.

Still a lot of work left to be done: JD Vance after Iran-US talks in Switzerland

Noting that Iran has agreed to invite nuclear inspectors, Vance said that discussions with the team could take place later in the day.

There is still a lot of work left to be done, he said.

Vance reportedly said that United Nations nuclear inspectors are expected to enter Iran again to verify Tehran's compliance with a preliminary agreement reached during the negotiations.

A team of International Atomic Energy Agency (IAEA) investigators, who operate under the broader UN system, are acting as technical supervisors and verification experts in the ongoing US-Iran talks.

Their main role in the deal is to ensure non-proliferation and monitor the specific steps mutually agreed upon by both sides.

Verification by international inspectors has long been viewed as a critical requirement for any lasting pact involving Iran's nuclear programme.

"Our hope is that we get to the final deal and a permanent settlement. But right now, I think we've made great progress," Vance reportedly said.

What JD Vance said on Strait of Hormuz

Vance said that a mechanism has been set up to keep the Strait of Hormuz open.

The Strait of Hormuz -- a maritime region connecting the Gulf of Oman with the Persian Gulf and the Arabian Sea -- has remained central to the conflict between the US and Israel on one side and Iran on the other. While both the US and Iran have agreed to restore normalcy in the strait, many experts reckon that it may take a few weeks for the situation to fully normalise to a pre-conflict state.

The narrow waterway serves as the primary export route for major oil-producing nations in the Gulf, including Saudi Arabia, Iraq, Kuwait, the UAE and Iran, and normally enables the transit of about one-fifth of the world's oil and gas supply.

What JD Vance said on Iran's frozen assets

Speaking about the issue of frozen Iranian funds, Vance said that Washington could consider a tightly controlled mechanism for releasing assets in the future. He reportedly said that the objective was to ensure that any Iranian money released under a future agreement benefits ordinary citizens rather than financing activities linked to terrorism.

The assets will only benefit the people of Iran, he said.

The funds, according to reports, could be directed towards purchases of American agricultural products such as corn and wheat for the benefit of the Iranian people.

Wall Street makes a positive start: Dow rises over 300 pts

Wall Street benchmarks began Monday's session on a positive note as market participants and geopolitical observers pinned hopes on the US-Iran talks.

The Dow Jones Industrial Average -- one of the three main American share market barometers -- was up 194.8 points, or 0.4 per cent, at 51,759.5 a few minutes into the day's trade, having risen as much as 310 points, or 0.6 per cent, to 51,874.7 in early deals.

The other blue-chip index, the S&P 500, gained 27.4 points, or 0.4 per cent, to an intraday high of 7,527.9, and was last up 10.8 points, or 0.1 per cent, for the day at 7,511.4.