Key events16m agoIntroduction: Oil prices fall, stocks rise on reports of 'progress' in Iran-US peace talks Patrick Wintour and Jonathan Yerushalmy Iran’s foreign minister has declared “progress” after the first day of talks between high-ranking officials from Washington and Tehran ended in Switzerland, despite a tense opening marked by Donald Trump threats to restart attacks.A joint statement from mediators Qatar and Pakistan said the ⁠US and Iran agreed to a roadmap towards⁠ a final deal within 60 days. Technical talks between lower-ranked officials ​will continue for the rest of the week, according to the statement, with fighting between Israel and Iran-backed Hezbollah in Lebanon at the top of the agenda.“Pakistani and Qatari mediation has delivered major progress to end Lebanon war,” said Abbas Araghchi, the Iranian foreign minister, after talks broke up just after 3am local time (1am GMT).US vice president JD Vance next to Pakistan's prime minister Shehbaz Sharif and Qatar's prime minister and minister for foreign affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani at the start of a quadrilateral meeting between the US, Iran, Pakistan, and Qatar at the Lake Lucerne Summit, on Sunday. Photograph: Getty ImagesThe joint statement said the US and Iran agreed to establish a “communication line” to avoid incidents in the strait of Hormuz, and to set up a “de-confliction cell” with Lebanon’s government to ensure the “adherence of the termination of military operations in Lebanon”.In a development that is critical to unlocking progress, the US Treasury was also preparing to issue a 60-day waiver lifting sanctions on oil, petrochemicals and derivatives. Iran said this meant its central bank would be able to sell oil to customers, principally China, and receive payments without the threat of sanctions.Qatar and Iran also signed a memorandum about the release of Iranian assets frozen in Qatar bank accounts due to US secondary sanctions. It was not clear whether the US had placed any restrictions on Iran’s use of the assets, such as demanding the money only be spent on humanitarian goods.The economic measures may help lift some of the pressure in Iran’s exchange markets, and gradually slow runaway inflation, the country’s biggest domestic concern at present.Read more here:European stocks are kicking off the week on a positive note, amid news of progress on US-Iran peace talks.Here’s how they are looking at the start of trading: