Iran-US war latest: US waives Iran oil sanctions as Tehran disputes Vance’s nuclear inspection claims

Oil prices inched down this morning, extending losses from the previous session, as investors looked for clearer signs of ​progress in restoring crude flows through the Strait of Hormuz following US-Iran peace talks.

Brent crude ‌futures fell 20 cents, or 0.3 per cent, to $77.70 a barrel and US West Texas Intermediate declined to $73.74 a barrel, down 12 cents, or 0.2 per cent.

Prices fell more than 3 per cent yesterday after ​the US granted Iran a 60-day sanctions waiver following initial peace talks, ​and as officials reported a lull in hostilities in Lebanon under the ⁠broader agreement.

The lead negotiator of the Iranian delegation, Mohammad Bagher Qalibaf, insisted that the Strait of Hormuz would be managed by Iran and would follow international laws.

Qalibaf, who is also the speaker of the parliament, spoke with Iran’s state media on a plane on his way back from Switzerland.

“Hopefully we can activate the strait again, in terms of passage, and bring prosperity back to the regional and global economy” he said.

Qalibaf confirmed that the issue of releasing the frozen assets, as well as the sale of Iranian oil were discussed in the talks with the US.

Iran has reportedly denied a claim by US vice president JD Vance that Tehran would allow nuclear inspectors back into the country following initial talks in Switzerland.

Vance said discussions with the International Atomic Energy Agency could be happening “as soon as today”.

However, Iran’s foreign ministry said Tehran had made “no new commitments” on nuclear inspections.

Since the 12-day war between Israel and Iran in 2025, inspectors have visited the Islamic Republic.

The US has partially lifted sanctions on Iranian oil exports following “encouraging” talks over ending their months-long war.

The US Treasury yesteday issued a 60-day sanctions waiver after the first talks under a nascent ​peace deal.

US vice president JD Vance said talks with Iranian officials in Switzerland had laid a good foundation for a final peace deal, although Iran denied that it had begun discussions of its nuclear program.

Israeli Prime Minister Benjamin Netanyahu has claimed that Iran would have developed a nuclear weapon and used it on Israel were it not for the two recent wars. There is no public evidence for that assessment, which runs counter to those of the U.N. nuclear watchdog and U.S. intelligence agencies.

For decades, Netanyahu has made dire predictions about Iran’s disputed nuclear program, most famously at the United Nations with visual aids. The rhetoric has escalated since the U.S. and Iran reached an interim peace deal this month, and as Netanyahu faces elections later this year.

Negotiators for the US and Iran met in Switzerland over the weekend for talks on a lasting resolution to the conflict.

Mediators Pakistan and Qatar said they had agreed to a roadmap towards a final deal on ending their war in 60 days.

They also said the two sides had agreed to a mechanism to end fighting between US ally Israel and Iran-aligned Hezbollah militants in Lebanon.

And they said they had opened a communications line to help ensure safe passage for commercial ships through the strait, a vital global supply route for oil and liquefied natural gas.

Technical talks will continue for the rest of the week in the Qatari-owned Swiss mountain resort of Buergenstock, the joint statement said.

JD Vance said on Monday that Iran has agreed to allow nuclear inspectors into the country again following an initial round of discussions aimed at resolving the conflict with the United States.

Speaking after discussions in Switzerland, the US vice president said the development was “probably what we’re most excited about as Americans”, and that plans could be drawn up as soon as this week.

Iran’s nuclear programme has been at the centre of the dispute with the US and Israel since before the conflict erupted, and remains the focus of the new 60-day window for talks to finalise a deal to end the war.

Negotiators for the US and Iran met in Switzerland over the weekend for talks on a lasting resolution to the conflict.

Mediators Pakistan and Qatar said they had agreed to a roadmap towards a final deal on ending their war in 60 days.

They also said the two sides had agreed to a mechanism to end fighting between US ally Israel and Iran-aligned Hezbollah militants in Lebanon.

And they said they had opened a communications line to help ensure safe passage for commercial ships through the strait, a vital global supply route for oil and liquefied natural gas.

Technical talks will continue for the rest of the week in the Qatari-owned Swiss mountain resort of Buergenstock, the joint statement said.