U.S. waives Iran sanctions, peace roadmap agreed in Swiss talks; Starmer steps down, Greenspan dies

Sanctions waiver and peace roadmap

The U.S. Treasury on Monday waived sanctions on Iran for 60 days, allowing Tehran to resume oil sales and receive payments, after the first talks under a nascent peace deal at the Swiss resort of Buergenstock. Vice President JD Vance called the discussions a good foundation for a final agreement. According to Iranian state media, the two sides agreed a roadmap toward a permanent agreement within 60 days and established four working groups on sanctions cessation, nuclear affairs, reconstruction and economic development, and monitoring.

“If Iran doesn’t live up to their agreement, or if they’re not behaving, I will do what I have to do.”

The sanctions waiver runs until August 21, the Treasury said. Crude oil prices fell more than 3% on Monday on supply optimism and settled further on Tuesday, though Brent edged up 0.2% to $78.03.

Strait of Hormuz and Lebanon

Iran’s chief negotiator Mohammed Bagher Ghalibaf declared that the Strait of Hormuz would be managed by Iran going forward, although international rules would be respected. Two crude tankers carrying nearly 2 million barrels sailed through the waterway on Monday, ship-tracking data showed, signalling a pick-up from the previous day. Mediators Qatar and Pakistan said the two sides agreed a communications line to ensure safe passage for commercial ships.

“Everyone must know that management of the Strait of Hormuz will never return to what it was before the war. Naturally international norms will be respected, but Iran will manage the Strait of Hormuz.”

In Lebanon, a new ceasefire between Israel and Hezbollah held after intense fighting abated over the weekend, with Israel and Lebanon due to begin a fresh round of talks in Washington on Tuesday.

IAEA inspections denied

Iran’s foreign ministry flatly ruled out allowing the International Atomic Energy Agency to inspect nuclear sites damaged by American and Israeli military strikes. Spokesperson Esmail Baghaei said Tehran did not have any meeting with the IAEA director general and would not permit the agency to visit the bombed facilities.

“We had no meeting with the director general of the IAEA and we do not foresee the agency inspecting the Iranian nuclear facilities damaged by the American and Zionist military aggression.”

Markets and political sideshows

Global markets reacted to the Iran developments alongside two separate political shocks. U.K. Prime Minister Keir Starmer said he would resign, setting up an expected transfer of power to frontrunner Andy Burnham. Former Federal Reserve Chair Alan Greenspan died on Monday at the age of 100.

Asian shares mostly eased on Tuesday with the MSCI Asia-Pacific index off 0.5%, while oil prices clawed back some losses after the initial selloff.