Here's the latest
• “Progress” in talks: Iran’s foreign minister said sanctions on his country’s oil were waived and some of its frozen assets released. Abbas Araghchi also said a “reconstruction and development plan” was launched. A High Level Committee to oversee mediation and a “line of communication” for the Strait of Hormuz are being set up, mediators Qatar and Pakistan said.
• Tense moments: Talks had previously stalled when President Donald Trump angered Iran’s top negotiator by threatening the Tehran delegation. Trump told Fox News the US could resume bombing Iran and “take over” the strait if a deal is not reached.
• Lebanon conflict: The US and Iran agreed to create a “de-confliction cell,” facilitated by Qatar and Pakistan to ensure the end of military operations in Lebanon, according to the mediators. Fighting between Israel and Iran-backed Hezbollah has been a key obstacle to a deal, with Tehran insisting that deadly Israeli strikes must stop.
Oil volatility will cause irreversible changes to energy markets, expert warns
Global economies have already weighed energy options beyond the Middle East, as the war in Iran has put irreversible pressure on the oil industry, according to Karen Young, a researcher at Columbia University.
“I don’t think (advancements in green technology) is going to be reversible,” Young told CNN’s Fareed Zakaria.
Young said many countries will look to their own resources for energy and what’s accessible. “It’s about … not being dependent on any one source, certainly for oil, but for any kind of energy fuel.”
While oil prices have dropped and there has been progress in tankers moving in and out of the Strait of Hormuz, Young cautioned that “we should expected a period of volatility and that all depends on the ceasefire in place.”
The initial US-Iran agreement called for the safe passage of commercial vessels through the strait for 60 days with no charge. But Young warned that should Iran revert to tolls for the strait once the memorandum expires, it would send a signal that countries could hold global trade “around the neck” through other chokepoints. Iran previously charged ships about $2 million on average for passage.
Young also noted that Iran’s Gulf neighbors will invest in pipelines to avoid oil flows through the strait, which allowed for the transit of 20 million barrels a day before the war began.
Iran soccer team leaves thank you note for World Cup host city LA in locker room
Iran’s soccer team left a thank you note for World Cup host city Los Angeles in their locker room on Sunday after a 0-0 draw with Belgium, keeping their hopes alive for advancing to the next round of the tournament.
Los Angeles has hosted Iran’s first two matches, and the team will next face Egypt in Seattle.
Because of travel restrictions, the Iranian team has been based in Tijuana, Mexico – a stone’s throw from the US border – throughout the tournament and is commuting to the United States for games, drawing complaints from Iran’s coach and players.
“From the ancient Persia of thousands of years ago to the civilized Iran of today, the spirit of Iran remains alive and steadfast,” read the handwritten note, which was posted to Telegram by Iran’s football federation.
In the note, Iran also thanked their supporters and called for “peace, respect and friendship” among all nations.
Uncertainty over Hormuz will continue to restrict traffic, Economist correspondent says
Traffic flow through the Strait of Hormuz will remain restricted as long as uncertainty persists over the status of the waterway, said Gregg Carlstrom, Middle East correspondent for the Economist.
“We should remember, the key question when it comes to Hormuz is not: does Iran say it’s open or closed?” Carlstrom told CNN’s Ben Hunte.
“The more back and forth we have about the status of the strait, I think the more reluctant it is going to make these companies to transit the strait,” he said.
Remember: The memorandum of understanding signed by the US and Iran says that Iran must use its “best efforts” to ensure “safe passage of commercial vessels with no charge” through the strait for a 60-day period.
But Iran has already threatened to renege on that pledge. On Saturday Iran’s military command said it would close the oil trade chokepoint in response to Israel’s continued attacks in Lebanon and the US “failing to implement” the agreement to end the war.
At the latest talks in Switzerland, Tehran and Washington formed a line of communication to ensure “safe passage” in the strait and avoid incidents, according to a statement by mediators Qatar and Pakistan.
Iran talks conclude constructively after Trump's threats stalled them. Here's the latest
US-Iran negotiations concluded constructively in Switzerland overnight and technical talks will continue this week, according to mediators, after President Donald Trump’s threats stalled progress.
Iran’s Foreign Minister Abbas Araghchi said sanctions on his country’s oil had been waived and some of its assets frozen abroad had been released. He also said “a major reconstruction and development plan for Iran has been launched.”
Mediators Pakistan and Qatar said the US and Iran agreed to establish a High Level Committee to provide “political oversight on the mediation.” Negotiators reporting to the committee will lead groups focused on nuclear issues, sanctions, and other means to implement the US-Iran agreement, the mediators said in a joint statement.
Iranian foreign ministry spokesperson Esmaeil Baghaei said “good progress was made” — a surprising outcome after a long stretch of uncertainty.
Just hours before, an Iranian source told CNN talks had stalled after Trump took aim at Iran in an interview with Fox News. Trump threatened to resume bombing Iran and take over the Strait of Hormuz, saying “If they don’t make a deal, we’ll collect tolls.”
Baghaei said Iran initially refused to continue after Trump’s threats were aired, according to state media, and oil prices climbed.
Trump has previously suggested the US impose tolls on the strait, while insisting Iran never be allowed to do so. Last week, Trump said the US-Iran agreement would ensure the strait is “permanently toll free.”
But after talks in Switzerland ended, Qatar and Pakistan said Iran and the US had formed a “line of communication” for the Strait of Hormuz, raising hopes that stability for the oil trade chokepoint lies ahead.
The line has been created to “avoid incidents and miscommunication with the aim of safe passage for commercial vessels” for the 60-day period outlined in the US-Iran agreement.
Still looming over talks, however, is the Israel-Hezbollah conflict in Lebanon, which has continued despite a recent renewal of their ceasefire agreement.
The US and Iran agreed to create a “de-confliction cell” involving Lebanon and facilitated by Qatar and Pakistan, to ensure the end of military operations in Lebanon, mediators said.
Aragchi said the “first real test” will be the effectiveness of that effort.
CNN’s Lex Harvey, Nic Robertson, Sophia Saifi and Aileen Graef contributed reporting.
Iran and US form communications line for Strait of Hormuz, mediators say
Iran and the US have formed a “line of communication” aimed at ensuring “safe passage” in the Strait of Hormuz, mediators Qatar and Pakistan said in their joint statement on the recently concluded round of talks in Switzerland.
The new communication line has been created to “avoid incidents and miscommunication with the aim of safe passage for commercial vessels through the Strait of Hormuz” for the 60-day period outlined in the US-Iran agreement, according to the statement.
According to the agreement, Iran will use its “best efforts” to ensure “safe passage of commercial vessels with no charge” from the Persian Gulf to the Sea of Oman, and vice versa.
The strait has been a key point of leverage for Iran throughout negotiations. On Saturday, Iran’s military command said it would close the oil trade chokepoint in response to Israel’s continued attacks on Hezbollah in Lebanon and the US “failing to implement” the agreement to end the war.
Trump threatened to “take over the Strait” in remarks to Fox News on Sunday that nearly derailed the negotiations.
Oil prices climbed after Trump’s threats.
Trump has previously suggested the US impose tolls on the strait, while insisting Iran never be allowed to do so. Last week, Trump said the US-Iran agreement would ensure the strait is “permanently toll free.”
US and Iran agree to create “de-confliction cell,” to end conflict in Lebanon
The US and Iran agreed to create a “de-confliction cell” involving Lebanon and facilitated by Qatar and Pakistan to ensure the end of military operations in Lebanon, mediators said after talks in Switzerland concluded.
Iran’s foreign minister Abbas Aragchi later said the “first real test” will be the effectiveness of that effort.
The Israel-Hezbollah conflict in Lebanon, which has continued despite a recent renewal of their ceasefire agreement, is a key obstacle to the US and Iran reaching a final peace deal.
The Israeli campaign in Lebanon has killed more than 4,000 people since March 2, according to Lebanon’s health ministry.
The initial US-Iran memorandum of understanding includes a ceasefire in Lebanon that would protect militant group Hezbollah from Israeli strikes, so long as it doesn’t fire at Israel.
For Tehran, an end to Israeli attacks on its most significant ally in the region has always been a central demand in negotiations.
For Israel, not having the freedom of action to further degrade Hezbollah is anathema – and a serious test of its close alliance with the United States.
Both President Donald Trump and Vice President JD Vance have shown growing impatience with Israel’s strikes in Lebanon and its hostility to the Iran memorandum.
Read more about how the conflict looms over US-Iran negotiations.
CNN’s Nadeen Ebrahim and Tim Lister contributed reporting.
Former Obama administration official on the path to lasting peace with Iran
The agreement signed between the US and Iran has drawn backlash from both sides of the political aisle in the US. CNN’s Fareed Zakaria asks Phil Gordon, who was a top adviser in the Obama administration when the 2015 Iran nuclear deal was crafted, what the deal has achieved.
