Last week, we covered the obtaining situation leading up to the Islamabad MoU between the US and Iran. Finally, after much speculative disruptions, the MoU was electronically signed as a framework agreement for further negotiations and technical discussions. The first high-level follow-up round of talks ended in Bürgenstock, Switzerland on June 22, 2026, to take the agreed 60-day roadmap towards a final peace deal, to officially end hostilities between the US-Israel combine and Iran. US Vice President JD Vance represented Washington and Iranian Parliamentary Speaker Mohammad Bagher Ghalibaf represented Tehran. The talks reportedly made 'encouraging progress' despite initial friction and disagreements.

As per Iran's demand, the US Treasury Department, as immediate relief, issued a 60-day sanctions-waiver that permits Tehran to sell and deliver oil globally in US dollars until August 21. America also agreed to release $12 billion in frozen Iranian funds to purchase agricultural products, like soybeans, from farmers in the US. On the contentious 'nuclear issue', VP Vance claimed Iran has permitted International Atomic Energy Agency (IAEA) to inspect its nuclear sites. Iran's FM and state media disputed the US claim, reiterating 'no new commitments' linking further cooperation to be strictly under the UN auspices. Iran's missile programme, reportedly, was not discussed.

On the Strait of Hormuz (SoH), both sides agreed instituting 'direct communication line' to prevent any mishaps and mis-coordination, and ensure shipping safety. On Lebanon, negotiators agreed to create a joint 'de-confliction cell' to maintain the fragile ceasefire between Israel and Hezbollah. Tehran emphasised that full........

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