Vice President JD Vance said "good progress" was made in negotiations on a framework toward reaching a final peace deal within 60 days, including the guarantee of safe passage through the Strait of Hormuz, an end to fighting in Lebanon, and Tehran's acceptance of visits by international nuclear inspectors.
"We laid a very good foundation for a successful final deal," Vance told reporters on June 22 at the Burgenstock resort in central Switzerland after talks between the two sides went through the night.
"The final deal is the house. We set the foundation; we haven't built the house, but we've laid a successful foundation to get to a good place for the American people."
Few specific details have been announced but the agreement appeared to reflect the aspirational goals announced in the memorandum of understanding (MOU) signed by the US and Iranian presidents last week.
That MOU left many terms of a 14-point agreement open to interpretation.
Vance said Tehran had agreed to allow International Atomic Energy Agency (IAEA) inspectors back into the country and that the parties worked on establishing a "coordination mechanism" for keeping the Strait of Hormuz open for energy shipments and to demine the area to avoid disruptions to global oil and gas flows.
An earlier statement from the Qatari and Pakistani mediators for the talks said that while formal negotiations had concluded for the opening session, further technical discussions would be held by the delegations in the upcoming week.
It said "working groups" would be established to address "nuclear, sanctions, and a monitoring and dispute resolution group to ensure the effective implementation of the MOU, and on other matters."
The Iranian Foreign Ministry, in remarks reported by Iranian state media, said a US blockade of ports had been lifted, "some frozen assets" had been released, and a "major reconstruction development plan launched for Iran."
A ministry spokesman said that, in regard to the safe passage of ships through the Strait of Hormuz, "it was agreed to arrange a mechanism," without elaborating.
Officials said the talks lasted 18 hours.
Vance, special envoy Steve Witkoff, and Jared Kushner -- US President Donald Trump's son-in-law -- led the US negotiating team. Parliament speaker Mohammad Baqer Qalibaf and Foreign Minister Abbas Araqchi headed Tehran's delegation.
The mediator's statement said that building on the previously agreed MOU between Washington and Tehran, "the parties have agreed to the establishment of a High Level Committee, which will provide political oversight on the mediation.
"The committee has agreed on a "roadmap" toward reaching "a final deal" within 60 days, it said, "laying the foundation for the immediate commencement of further technical talks."
It said that a "communication line" has been created for the 60-day period "to avoid incidents and miscommunication with the aim of safe passage for commercial vessels through the Strait of Hormuz."
The statement added that a "deconfliction cell" will be created involving the US, Iran, and Lebanon -- to be "facilitated by the mediators" -- to ensure the termination of military operations in Lebanon as set out in the MOU.
Iran's Araqchi echoed Vance's comments in a post on X, saying that there was "major progress" in the talks.
"Pakistani and Qatari mediation has delivered major progress to end Lebanon War," Araqchi wrote.
"Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and major reconstruction & development plan launched for Iran," he said.
Washington has pledged to facilitate the release of a $300 billion reconstruction fund backed by regional nations once a broader final agreement on Iran's nuclear program is reached. The deal, and especially the agreement to set up a reconstruction fund and the lack of clarity on Iran's nuclear program, has been met by anger by US Democrats and many Republicans, as well.
Vance countered those concerns by saying that "if" Iranian funds are ever unfrozen, the US will "ensure that... Iranian money goes to help the people of Iran and not to fund terrorism."
Many Israeli leaders have also expressed doubt on some aspects of the talks, noting that their country is not a party the agreement and have vowed to continue attacks on Hezbollah sites in Lebanon.
Iran-backed Hezbollah, a militant group and political party that controls much of southern Lebanon, is considered a terrorist organization by the US, while the EU has blacklisted its armed wing but not its political branch.
Reports have also suggested that resistance by some hard-line factions inside Iran -- including the Islamic Revolutionary Guards Corps -- have put additional pressure on Tehran's negotiating teams.
