US Vice President JD Vance has departed Switzerland, marking the end of the high-level phase of direct negotiations aimed at ending the conflict with Iran.
The talks, which concluded after a day of intensive discussions, will now transition to a technical level, where working groups from both sides are expected to continue the dialogue.
This development follows the departure of the Iranian delegation, led by chief negotiator Mohammad Bagher Ghalibaf, who returned to Tehran after an 18-hour marathon session with US counterparts.
The conclusion of this first round of direct talks represents a significant step in the ongoing diplomatic effort, though no formal agreement has been announced.
For markets, the shift to technical negotiations suggests a period of sustained but lower-profile engagement.
While the immediate risk of escalation may have receded, the absence of a breakthrough deal means that geopolitical premiums in energy and shipping sectors are likely to persist.