Forty-eight hours after threatening to close the Strait of Hormuz, Iran invited international nuclear inspectors back into the country.
The reversal came out of 18 hours of negotiations in Burgenstock, Switzerland, led by Vice President J.D. Vance opposite Iranian delegation head Mohammad Bagher Ghalibaf. Tehran agreed to three things: IAEA inspectors return to nuclear facilities they had been blocked from accessing, the Strait of Hormuz remains open for free navigation, and Iranian crude oil production and sales are authorized through August 21, 2026 — a 60-day conditional window that ties continued sanctions relief to Iranian cooperation.
"Our hope is that we get to the final deal and a permanent settlement," Vance told reporters. "But right now, I think we've made great progress."
Treasury Secretary Scott Bessent authorized the crude oil provision, describing the outcome in a statement: "Under President Trump and Vice President Vance, we continue to make the world safer and more prosperous."
The negotiations ran through the night. Vance was calling IAEA officials at 2 a.m. to begin coordinating inspector deployments before the agreement was even finalized. "As you can expect, not many people are answering their phone at two in the morning," Vance said. They answered.
For context on what changed: Barack Obama's 2015 nuclear deal released an estimated $100 billion in previously frozen Iranian assets in exchange for temporary limits on Iran's enrichment program — limits Iran subsequently exceeded. The Biden administration spent most of its four years attempting to revive that agreement. During that period, Iran enriched uranium to 60% purity — a level with no civilian justification — expelled IAEA inspectors from key facilities, and expanded its proxy networks across Lebanon, Yemen, Iraq, and Gaza.
When Biden left office, Iran had more enriched uranium, fewer inspectors on the ground, and a closed nuclear program.
After 18 hours in Switzerland, the inspectors are going back in.
Oil markets dropped on the news, which translates to relief at the pump as technical teams from both sides remain in Switzerland working through remaining details. Vance confirmed the Iranian delegation did not leave. "So they didn't walk out, and their technical team is still here," he said, per ZeroHedge.
Twelve years of American engagement with Iran produced escalating enrichment, an emboldened proxy network, and no inspector access. Eighteen hours produced a signed agreement, an open strait, and IAEA personnel heading back to facilities they hadn't seen in years.
The Iranians are still at the table.
