Iranian Foreign Minister Abbas Araghchi announced that restrictions on Iranian oil exports have been lifted, marking a significant de-escalation in tensions between Tehran and Washington.
The development follows high-level negotiations in Switzerland, where delegations agreed on a roadmap to reach a final agreement within 60 days.
Qatar and Pakistan served as key intermediaries in the talks, facilitating the breakthrough that also includes the release of frozen Iranian assets.
The agreement establishes a new body to resolve disputes and ensure compliance with a ceasefire, signaling a shift from confrontation to structured diplomacy.
While the immediate threat of supply disruption has receded, the 60-day window for a comprehensive deal means markets are likely to maintain a cautious stance.
The focus now shifts to whether this initial progress can withstand political pressures in both capitals.