Iran’s Foreign Minister Seyed Abbas Araghchi on Sunday said that the U.S. will lift its naval blockade of the Strait of Hormuz after the first round of talks concluded in Switzerland following the Memorandum of Understanding (MoU) signed by Washington and Tehran.
‘Tireless’ Mediation
In a post on X on Sunday, Araghchi quoted a joint statement shared following the talks in Burgenstock, Switzerland, which also had Vice President JD Vance present.
“Tireless Pakistani and Qatari mediation has delivered major progress to end Lebanon War,” he said in the post. “Oil and petrochem exports are waived,” Araghchi added, saying that the U.S. will also lift its blockade.
He also said that some of the frozen Iranian assets were also being released, touting a “major reconstruction & development plan” launched for Iran following the war. “1st real test: Lebanon deconfliction cell,” he said in the post.
Notably, the MoU signed by the U.S. and Iran has outlined a $300 billion reconstruction fund for Tehran following the war, which kicked off on February 28 this year following a joint U.S.-Israeli operation that resulted in the death of Iran’s former Supreme Leader Ayatollah Ali Khamenei.
The joint statement outlines that a “high-level” committee will be established to provide “political oversight” on the mediation, adding that all parties had agreed to a “roadmap” to reach a deal within 60 days.
The statement also touted the creation of a “de-confliction cell” for Lebanon to ensure no military operations were carried out in the country in line with the MoU’s terms. “Talks will continue for the remainder of the week” in Burgenstock, the statement said.
Trump’s Threats, Strait Of Hormuz Closure
Talks between the U.S. and Iran were under a shadow of doubt as President Donald Trump had threatened to take control of the Strait of Hormuz and launch a fresh series of strikes against Iran over Hezbollah’s actions in Lebanon.
The threats had resulted in the Iranian delegation reportedly leaving the Burgenstock talks in protest. Trump had also said that the U.S. would be collecting tolls in the Strait of Hormuz if the two parties failed to reach a deal.
Meanwhile, maritime traffic through the Strait of Hormuz had fallen to a lower rate following Iran’s announcement of the waterway’s closure.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo courtesy: Shutterstock
Recent Comments