June 23, 2026
The United States waived sanctions on Iran for 60 days from Monday after the first talks under a nascent peace deal, while officials reported a sustained lull in fighting in Lebanon under the agreement aimed at ending hostilities across the region.
The developments followed a weekend that had appeared to put the week-old accord in jeopardy, including threats from US President Donald Trump to restart the war if Iran disrupted shipping through the Strait of Hormuz after Tehran declared the strategic waterway closed. Tanker traffic through the strait started to pick up on Monday and oil prices resumed their slide.
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 programme.
US-Israeli attacks on Iran, and Israeli strikes in Lebanon have killed thousands and displaced millions. The Iran war has also shaken markets around the world and raised global oil prices, which settled 3% lower on Monday after Vance reported progress had been made.
