Nuclear Program Negotiations
Vance and Iranian Officials Launch Talks on Tehran's Nuclear Program.
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U.S. Vice President JD Vance landed at Emmen Air Base in Switzerland at 5:50 a.m. local time on Sunday, joining Iranian officials at the Bürgenstock Resort to launch the first direct nuclear talks since the start of the 2026 Iran War, according to AP News. Technical teams from both sides formally convened at 9:00 a.m. to begin what officials are calling a "60-day sprint" to finalize a peace treaty.
The talks follow a 114-day war that killed at least 3,468 people in Iran and sent global oil prices soaring to $120 per barrel after Tehran closed the Strait of Hormuz in March, per Wikipedia. U.S. gasoline prices have risen 41% since the conflict began, according to Ipsos.
A 114-Day War Ends With a Swiss Handshake
The conflict started on February 28, when the U.S. and Israel launched "Operation Epic Fury," a massive air campaign targeting Iranian nuclear sites and military infrastructure, according to ResearchGate. Iran responded by closing the Strait of Hormuz on March 4, triggering what officials called a global "grocery and fuel supply emergency."
Preliminary contact between U.S. and Iranian representatives happened in Islamabad, Pakistan on April 12, brokered by Pakistani Prime Minister Shehbaz Sharif and Army Chief Asim Munir, per The Guardian. President Trump announced a tentative ceasefire on June 14. Then, on June 17, Trump and Iranian President Masoud Pezeshkian virtually signed a 14-point Memorandum of Understanding at the G7 Summit in Versailles, according to Middle East Eye.
Vance Leads the U.S. Push, Witkoff Handles the Details
Vance is the top U.S. political figure at the talks. He said the goal is to "hopefully make progress on the nuclear issue [and] the Lebanon ceasefire," adding that "the technical team is going to stay on the ground," according to AP News. White House envoys Steve Witkoff and Jared Kushner are handling the detailed nuclear file negotiations.
Iran's delegation is led by Parliament Speaker Mohammad Bagher Ghalibaf and Foreign Minister Abbas Araghchi. The team also includes the Central Bank Governor and a Deputy Oil Minister — key figures for any sanctions-relief deal, per ISW. IAEA Director General Rafael Grossi is on-site to oversee the technical "down-blending" of Iran's uranium stockpile.
$300 Billion Reconstruction Fund Divides Hawks and Allies
A centerpiece of the Versailles agreement is a reconstruction fund for Iran that Vance confirmed could reach $300 billion if Iran complies with all nuclear inspections, according to Forbes. Iranian state media has called the fund "reparations" for war damage, per Al Jazeera. Israeli officials have called the deal a "catastrophic capitulation," warning that the cash infusion could rebuild Iran's regional influence.
Conservative hawks in the U.S. have labeled the deal a retreat. Critics like Ben Domenech called it a "hillbilly Obama" backslide, per Washington Post. Trump's approval rating has hit a second-term low of 37%, with only 34% approving of his handling of the Iran War, according to Gallup. However, a Quantus Insights poll found that 56% of Americans support the peace deal itself.
60-Day Clock Ticks as Lebanon Fighting Threatens the Deal
The entire framework rests on a hard deadline. If no final treaty is signed within 60 days, Trump has warned, "We go back to bombing," according to Middle East Eye. The world economy faces a $2.2 trillion hit if the war resumes, per Vision of Humanity. Goldman Sachs analysts say a successful deal could push oil prices "grind lower" as global markets stabilize.
The biggest near-term threat is Lebanon. A surge in fighting between Israel and Hezbollah forced Vance to delay his departure by two days, per NewsNation. Iran has threatened to re-close the Strait of Hormuz if the Lebanon ceasefire collapses, according to The Guardian. For Vance personally, the stakes are also political — analysts say the outcome will shape his standing as the early 2028 GOP front-runner, per Washington Post.
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