Iran says US waives oil export curbs and lifts blockade in Switzerland talks

Iran’s foreign minister said talks with the United States in Switzerland made “major progress,” including a waiver of curbs on Iran’s oil and petrochemical exports, the lifting of a U.S. blockade, and the release of some frozen assets. Qatar and Pakistan said the first round of high-level talks has concluded and set a roadmap to reach a final deal within 60 days. The mediators also said the parties established a coordination mechanism for safe passage of commercial vessels through the Strait of Hormuz. The development eased Middle East supply risk premia and put downward pressure on oil prices.