U.S. Envoy, Iranian Minister Head to Switzerland for Talks

RNZ

US envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi.

U.S. envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi were both headed to Switzerland for talks, Axios said on Friday, as a ceasefire in Lebanon appeared to revive efforts to turn an interim Iran war pact into a lasting regional deal.

Israel and Hezbollah agreed to a ceasefire in Lebanon on Friday after escalating fighting cast doubt over U.S.-Iran talks critical to reopening the Strait of Hormuz ‌and stabilising oil supplies.

That followed a 14-point memorandum the two sides signed this week to halt fighting and open a 60-day window to resolve disputes over Iran’s nuclear program, as well as other thorny issues needed to forge a more durable deal.

U.S. Vice President JD Vance canceled plans on Thursday to travel to Switzerland for the talks, however, amid rising tension in Lebanon between Israel and Hezbollah, a militant group backed by Iran.

With the ceasefire in place, Witkoff is heading to Switzerland to join Jared Kushner, President Donald Trump’s son-in-law, who is already there, Axios said. Araqchi plans to travel there on Saturday, it added.

Following Wednesday's signing of the memorandum of understanding, preparations for technical talks at the Swiss mountaintop resort of Buergenstock were well advanced when the White House said on Thursday that Vance would not attend.

The Swiss foreign ministry said the talks had been postponed but Switzerland stood ready to facilitate them and preparatory work was continuing.

The broad interim deal requires the United States, Iran and their allies to declare an immediate and permanent termination of military operations on all fronts, including in Lebanon.

The Iran war, which began on 28 February with U.S. and Israeli air attacks on Iran, has killed at least 7,000 people, mostly in Iran and Lebanon. It also pushed up energy prices, stoking inflation worldwide.

Brent crude ticked higher on Friday, but was set for a weekly fall of about 8% after the Lebanon ceasefire, and oil shipments through the Strait of ⁠Hormuz picked up after the signing of this week's deal.

The strait carried nearly a fifth of global crude oil and liquefied natural gas supplies before it was blockaded by Iran during the war.

The body set up by Iran to manage the strait said on Friday it would waive planned fees during the interim deal's negotiation period.

The MoU foresees relief for Iran from economic sanctions, the unfreezing of assets worth tens of billions of dollars and immediate U.S. waivers for its exports ⁠of oil. It also provides for a $300-billion reconstruction fund for Iran and other financial incentives.

Source: Reuters



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