Iran nuclear talks with US to begin this week amid Strait of Hormuz reopening

Iran indicated on Tuesday that talks with the United States concerning its nuclear program and the lifting of sanctions are expected to commence later this week. This development coincides with President Donald Trump's announcement that the Strait of Hormuz will be reopened, a move that has already sent oil prices tumbling.

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Likely on Friday, at a location to be determined... a new round of negotiations between Iran and the United States to reach a final agreement will begin.

Officials stated that negotiations for a comprehensive agreement will take place within a 60-day period following the physical signing of a memorandum of understanding. This understanding aims to end nearly four months of conflict, which was triggered by US-Israeli strikes on Iran. "Likely on Friday, at a location to be determined... a new round of negotiations between Iran and the United States to reach a final agreement will begin," announced Iranian Foreign Minister Abbas Araghchi. He added, "In the final agreement, decisions will be made on the nuclear issues and the lifting of sanctions."

According to Iran's deputy foreign minister Majid Takht-Ravanchi, the country's top negotiator Mohammad Bagher Ghalibaf will attend the signing ceremony in Switzerland. The Swiss foreign ministry confirmed the venue would be the luxury Burgenstock resort, a location proposed by Pakistani and Qatari mediators, as well as by the US and Iran. US Vice President JD Vance is expected to represent the American side, with Trump potentially attending as well.

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In the final agreement, decisions will be made on the nuclear issues and the lifting of sanctions.

The optimism surrounding the reopening of the Strait of Hormuz, a critical oil and gas route, has led to a sharp decline in crude oil prices, with Brent North Sea crude falling below $80 a barrel, a three-month low. Iranian state television reported that oil tankers and other vessels have resumed shipping through the strait. Takht-Ravanchi stated that the US blockade had been lifted prior to the formal signing.

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The US side will be represented by Vice President JD Vance, who said Trump might also attend.

Despite progress on the interim agreement, a comprehensive deal on Iran's nuclear ambitions and sanctions remains challenging. Washington and Israel seek to curb Iran's enriched uranium stockpile, while Iran maintains its right to enrichment. The agreed framework, however, provides a pathway to address these key disputes. Iranian ultraconservative newspaper Vatan-e Emrooz hailed the agreement as a "Trump surrender document," though Araghchi urged caution, citing a "history of broken commitments."

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Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz.