US and Iran Reach 'Serious Progress' at Burgenstock Talks on Oil Sanctions and Strait of Hormuz

Negotiators from the United States and Iran concluded a significant round of talks in Switzerland's Burgenstock resort on June 22, 2026, achieving what US Vice President JD Vance described as 'serious progress' and laying 'a successful foundation' toward a final agreement. The two sides agreed to establish a mechanism guaranteeing safe transit for vessels through the Strait of Hormuz, addressing long-standing concerns about maritime security in the region. Discussions also advanced on lifting oil sanctions and unfreezing Iranian assets, with the US Treasury Department expected to announce new licenses permitting the sale of Iranian oil, petrochemical products, and their derivatives.

Iranian Foreign Ministry Spokesman Esmaeil Baghaei confirmed that the Iranian delegation completed its phase of negotiations and that technical teams from both countries would continue consultations beginning June 22. Foreign Minister Abbas Araghchi highlighted that Qatari and Pakistani mediation helped resolve issues including oil exports and the release of Iranian assets. Both sides agreed to continue expert-level talks expected to resume within days or weeks, with the focus on implementing mechanisms outlined in the memorandum of understanding signed previously.

However, the negotiations were marked by tensions. Iranian negotiators briefly protested at the talks venue over threats issued by President Donald Trump, who warned on social media that the US would strike Iran 'very hard again' unless the Islamic Republic halted proxy activities in Lebanon. Iran's delegation insisted that cessation of hostilities on all fronts, particularly in Lebanon, and strict compliance with ceasefire commitments, especially regarding Israel, remained key conditions for advancing toward a final agreement. Vice President Vance stated that IAEA inspectors may arrive in Iran on June 22 and that discussions on denuclearization or termination of Iran's nuclear program would follow. He also affirmed that the Strait of Hormuz remains open and that unfreezing Iranian assets would benefit the United States.