Washington: The United States has announced a temporary suspension of sanctions against Iran, allowing the country to export oil. This 60-day waiver, effective from Monday, comes after initial negotiations under a newly initiated peace agreement. Reports suggest a de-escalation of fighting in Lebanon under the agreement aimed at ending regional conflicts.

According to Thai News Agency, the U.S. Treasury Department has waived sanctions until August 21, permitting Iran to legally produce, ship, and sell crude oil and petroleum products, and receive payments. This development marks a significant step in reducing economic pressure on Iran.

U.S. Vice President JD Vance disclosed that discussions with Iranian officials in Switzerland have established a foundation for a final agreement. Both sides agreed on mechanisms to end the fighting in Lebanon between Israel and Hezbollah and to ensure the safety of commercial ships in the Strait of Hormuz.

Vice President Vance mentioned that Iran consented to allow nuclear inspectors into the country and to manage frozen assets and administer the ceasefire agreement. However, the Iranian Foreign Ministry spokesman denied any new commitments regarding the nuclear issue.

Meanwhile, U.S. President Donald Trump stated on the TruthSocial platform that Iran would agree to weapons testing for nuclear transparency. He also warned of decisive action if Iran does not comply with the agreement.

Negotiations at the technical level to finalize the agreement details are set to continue this week.