Iran‑US talks in Switzerland aim to keep Hormuz Strait open

On June 21 2026 delegations from the United States and Iran began peace talks in Switzerland. The Iranian team, led by parliamentary speaker Mohammad Bagher Ghalibaf and foreign minister Abbas Araghchi, met with U.S. officials including Vice‑President JD Vance, special envoys Steve Witkoff and Jared Kushner. The negotiations seek to finalise a 60‑day cease‑fire and framework agreement that would reopen the Hormuz Strait for commercial traffic.

Iran announced it had re‑closed the strait in response to Israeli air strikes in southern Lebanon, while the U.S. military reported that 55 commercial vessels carrying more than 17 million barrels of oil passed through without interruption. President Donald Trump warned that, if a permanent deal is not reached, the United States could impose fees on ships transiting Hormuz.

The talks occur amid renewed fighting between Israel and Hezbollah, which has killed dozens in Lebanon and threatened the broader regional cease‑fire. The potential reopening of Hormuz is also expected to ease price pressures on fertiliser markets, as analysts note a possible decline in urea and related inputs once maritime logistics stabilise.