Vice President JD Vance said Iran has agreed to allow inspectors from the International Atomic Energy Agency (IAEA) back into the country and pledged that any Iranian assets released from sanctions would be subject to U.S. oversight and verification.
The announcement came on Monday following the negotiations between the U.S. and Iran in Switzerland. “The Iranians have agreed to invite the IAEA inspector back into their country. That is a major milestone for the American people and the first step in permanently ending the nuclear weapons program in Iran,” Vance stated during a press conference in Buergenstock, Switzerland.
Vance said that if any frozen Iranian assets are ever released in the future, it would be directed toward humanitarian and civilian needs, not militant groups, and rejected reports claiming otherwise as inaccurate. The Vice President also said that those funds, if at all released, would be tightly controlled and that both the U.S. and Qatar would have oversight and approval authority over how any unfrozen assets are spent.
Vance further noted that the funds would be used to purchase “American soy, American corn and American wheat for the benefit of the Iranian people,” asserting that this would also aid U.S. farmers.
He expressed optimism about the progress made during the talks and the foundation laid for a final agreement and permanent peace.
“If we can’t, the president of the United States still has a lot of options to accomplish America’s security objectives,” Vance said.
Oil Prices Fall As Talks Advance
Vance’s comments come after Iranian Foreign Minister Seyed Abbas Araghchi said on Sunday that the U.S. would lift its naval blockade of the Strait of Hormuz and begin releasing some frozen Iranian assets under a new memorandum of understanding. Araghchi said the agreement includes a $300 billion reconstruction and development fund for Iran and highlighted the launch of a Lebanon deconfliction initiative as an early test of the post-war framework.
Meanwhile, Sen. Lindsey Graham (R-S.C.) said the U.S. prefers diplomacy with Iran but warned that if negotiations fail and Iran challenges U.S. interests, a future Trump administration could use force to take control of the Strait of Hormuz and launch devastating military action against Iran.
As the talks gained momentum in Switzerland, crude oil and gas prices continued sliding. At the time of writing, Brent crude oil was trading 1.49% lower at $76.29 per barrel, while the average gas price in the U.S. fell to $3.92 per gallon according to the AAA.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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