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U.S. and Iran Agree 60‑Day Roadmap in Switzerland to Reopen Hormuz and Reduce Hostilities

Mediators say a High Level Committee and a direct communications line will protect shipping while technical talks and market checks test whether commitments are carried out.

Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, June 22, 2026. (AP Photo/Ahn Young-joon)
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 18, 2026. REUTERS/staff
Secret Service police members walk down the stairs at Buergenstock Resort Lake Lucerne on the day of talks between the U.S., Iran, Pakistan, and Qatar at the Lake Lucerne Summit, aimed at advancing a deal to end the Middle East conflict, near Stansstad, Switzerland, June 21, 2026. REUTERS/Nathan Howard/Pool
A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, June 22, 2026. (AP Photo/Ahn Young-joon)

Overview

  • Mediators Qatar and Pakistan announced that U.S. and Iranian delegations reached a framework in Buergenstock to negotiate a final deal within 60 days and to set up a High Level Committee and a direct communications channel to avoid incidents.
  • Iranian officials publicly said the talks won waivers for oil and petrochemical exports, the release of some frozen assets, and reconstruction support, but those claims must still be verified in follow‑up technical sessions.
  • News of progress pushed Brent and WTI down below about $80 a barrel and lifted Asian and Indian equity markets, reflecting investor relief that oil flows could resume.
  • Competing accounts about the Strait of Hormuz—Tehran saying it was closed and U.S. sources reporting continued commercial traffic—underscore that implementation and verification remain fragile.
  • Lower‑level technical talks will continue this week while markets watch U.S. PCE inflation data and other macro indicators that will affect whether diplomatic progress sustains oil and financial easing.