U.S., Iran, and Switzerland Hold Overnight Talks for a Three-Stage Breakthrough: Frozen Assets, Strait Customs Clearance, and the Withdrawal of Delegations

U.S.-Iran Negotiation Delegates Completed Stage Work in Bürgenstock, Switzerland in the Early Hours of the 22nd, Announcing Progress on Asset Freezing and Hormuz Strait Passage Mechanisms, with Technical Teams Continuing Work.
(Background Recap: Full Text of the U.S.-Iran Memorandum Revealed: $300 Billion Reconstruction Fund, 60 Days Free Passage in the Hormuz Strait, On-site Dilution of Enriched Uranium)
(Additional Background: Axios: U.S.-Iran Plan to "Advance Signing" of Ceasefire Memorandum to Wednesday, Hormuz Strait Expected to Be Immediately Unblocked)

Table of Contents

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• Negotiation Timeline: From First Round to Overnight Work
• Three Core Progresses
• Underlying Currents Behind the Negotiations
• Significance for the Market

U.S. and Iranian negotiation teams in Bürgenstock, Switzerland, completed their phase work in the early hours of June 22, with Iranian Foreign Ministry spokesperson Bagheri announcing three core progress points.

Negotiation Timeline: From First Round to Overnight Work

The U.S.-Iran negotiations began on June 21 in Switzerland, with the U.S. delegation led by Vice President Vance meeting with Iranian Parliament Speaker Larijani, mediated by Pakistan and Qatar. The first formal session was held at 11:30 a.m. Greenwich Mean Time (7:30 p.m. Taipei time), lasting 80 minutes before a break.

During the break, both sides conducted internal consultations. CNN on the 21st quoted high-level U.S. officials saying the U.S. delegation "expects to work overnight," with ongoing talks with Iranian negotiators.

On the evening of the 21st, the Iranian delegation temporarily left the venue in protest against U.S. President Trump’s latest threatening remarks. Trump posted on social platform Truth Social demanding Iran immediately cease its "proxy" activities in Lebanon, warning that the U.S. will strike Iran again if it does not.

Three Core Progresses

In the early hours of the 22nd, Iran’s Foreign Ministry issued three messages via Tasnim News Agency:

• Progress on Asset Freezing — Bagheri stated that Iran and the U.S. discussed issues including oil sales permits and unfreezing Iranian assets, achieving "good progress." Iranian President Raisi previously revealed that the $6 billion frozen funds held in Qatar would be returned with the agreement.
• Agreement on Hormuz Strait Passage Mechanism — An arrangement for the safe passage of ships through the Hormuz Strait has been agreed upon. The Iranian Foreign Ministry did not disclose details, but Pakistan’s Foreign Minister previously said no tolls or service fees would be charged within the 60-day period.
• Delegation Withdraws, Technical Teams Continue — The work of the Iranian diplomatic negotiation team has officially concluded, but technical teams will continue to address nuclear issues, asset freezing, and Lebanon situation.

Underlying Currents Behind the Negotiations

Vance stated on the evening of the 21st that "we have opened the Hormuz Strait and look forward to further measures," expecting more progress within hours. In the early hours of the 22nd, Al Arabiya TV cited sources indicating that although the Iranian delegation has returned to its base, negotiations with the U.S. are still ongoing through intermediaries.

Iranian President Raisi emphasized that Iran will not give up its uranium enrichment rights but "will not produce a nuclear bomb." He also pointed out that all five implementation clauses are favorable to Iran, and the results of the negotiations will gradually become apparent.

Iranian Parliament Speaker Larijani responded to Trump’s threats on social media on the 21st, saying: "We do not take American threats seriously at all; our armed forces are fully prepared."

Significance for the Market

Progress in U.S.-Iran negotiations directly impacts the crude oil and cryptocurrency markets. The Hormuz Strait is a passageway for about one in four barrels of global oil, and the passage mechanism agreement suggests oil prices will stabilize. The unfreezing of assets also means Iran’s available funds can flow back into the economy, increasing connectivity with regions like Libya and other Middle Eastern areas.

If the technical agreements between the U.S. and Iran are completed within a few days, the market expects oil prices to remain in the $70-80 per barrel range, and Bitcoin could stabilize as geopolitical risks diminish.