During the first technical talks in Switzerland between U.S. Vice President JD Vance and Iranian officials, Trump announced Iran agreed to indefinite IAEA nuclear inspections and noted 19 million barrels of oil flowing through the Strait the day before.

This follows a June 17 memorandum extending a ceasefire and a U.S. sanctions waiver on Iranian oil sales through August 21, potentially unlocking $10 billion for Tehran amid shipments to East Asia.

Iran denies new inspection commitments and claims frozen assets will release without restrictions, highlighting ongoing disputes after U.S. and Israeli strikes on its nuclear sites sparked the February conflict