Iran has agreed to allow International Atomic Energy Agency (IAEA) inspectors back into the country, marking a significant de-escalation in tensions with the United States.
Vance announced the development on Monday, stating that recent talks with an Iranian delegation had yielded substantial progress.
The concession represents a tangible shift in the diplomatic posture of Tehran, which had previously restricted access to nuclear facilities, fueling global security concerns.
Markets reacted swiftly to the news, with risk assets stabilizing as the immediate threat of renewed conflict receded.
Brent crude futures softened from recent highs, reflecting a reduction in the geopolitical risk premium that had been pricing in potential supply disruptions.
Shipping indices also eased, as traders adjusted for a lower probability of military action in the Strait of Hormuz.