U.S. and Iran hold opening talks in Switzerland on potential 60-day deal

Iranian envoys concluded a lengthy negotiating session with U.S. representatives in Switzerland on Monday, state media reported. Mediators said the meeting produced agreement on a roadmap for reaching a final settlement within 60 days. The host country stated that conditions now exist for technical discussions to begin immediately at the Swiss resort of Burgenstock.

The two sides have started the 60-day period set out in a memorandum of understanding signed last week.

Background to the talks The memorandum followed a 40-day war and a subsequent ceasefire that both sides have described as frequently violated. Negotiators plan to address longstanding issues including Iran's nuclear program and enriched uranium. Iran's Foreign Ministry spokesman said a brief discussion of the nuclear issue occurred but that no details were examined and formal nuclear talks had not started.

Mediators also reported the creation of a contact channel intended to reduce incidents in the Strait of Hormuz.

Lebanon and regional issues A separate de-confliction mechanism involving Lebanese authorities was agreed to limit renewed fighting in Lebanon. Iran's Foreign Minister wrote that the mechanism represents the first real test of the emerging arrangement.

Iran closed the Strait of Hormuz early in the conflict, affecting global oil and gas transit. Mediators said Tehran seeks to monetize passage through the waterway as part of any final agreement and may receive limited sanctions relief. Crude prices declined and Asian stock indexes rose after the mediators' statements.

No immediate comment came from U.S. negotiators.