US special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi are reportedly traveling to Switzerland for high-stakes diplomatic talks aimed at reviving US-Iran negotiations, according to Axios. The move comes after a ceasefire between Israel and Hezbollah in Lebanon eased fears that escalating cross-border violence would derail diplomacy focused on reopening the Strait of Hormuz and stabilizing global oil supplies.

However, the first formal talks scheduled for Friday in Switzerland have been postponed. Reports indicate differences remain between the two sides over continued Israeli attacks in Lebanon. CNN, citing a US official, confirmed that Witkoff has already left for Switzerland, while Araghchi’s visit may depend on the ground situation.

Speaking at an event unveiling the Qatar-gifted aircraft set to become the new Air Force One, US President Donald Trump issued a stark warning to Tehran. “Iran will face the consequences if it does not reach a new agreement with Washington following a 60-day negotiation period,” Trump said. “We will do things that won’t make them happy, but I don’t think it’s going to get to that.”

Iran has set a precondition for advancing talks. Deputy Foreign Minister Saeed Khatibzadeh stated Tehran is prepared to engage with Washington only if the United States guarantees Israel will comply with any agreement to end the conflict in Lebanon. The timing is critical: Israeli airstrikes in southern Lebanon and the Bekaa Valley since late Friday killed 47 people and injured 97, according to the Lebanese Health Ministry. The death toll since March 2 has reached 3,980.

The talks aim to resolve long-simmering tensions over Iran’s nuclear program. Iran claims its program is peaceful, but the US and Israel assert Tehran is attempting to develop nuclear weapons. Under the 2015 nuclear deal, Iran agreed to limit uranium enrichment to 3.67%, suitable for civilian power plants. Weapons typically require 90% or more enrichment.

Trump pulled the US out of the 2015 deal in 2018. Iran gradually increased enrichment, openly moving above the 3.67% threshold. By June 2025, the International Atomic Energy Agency (IAEA) reported Iran was enriching uranium to 60%, with a stockpile of about 400 kilograms. This is below weapon-grade but significantly higher than civilian use levels.

In a separate development, the US and Qatar are working on a plan to release billions of dollars of Iran’s frozen funds for humanitarian purposes. A Wall Street Journal report claims Iran could initially access approximately $6 billion from funds held in Qatar to purchase food, medicine, and other supplies under international supervision. The plan remains in initial stages; Iran has not given final consent.

The Strait of Hormuz remains a critical chokepoint. Following the US-Iran agreement, 25 merchant ships passed through the strait on June 18—the highest single-day number since April. But more than 500 ships and 11,000 sailors remain stranded. The UK’s maritime monitoring center (UKMTO) has maintained the threat level at “moderate,” down from “substantial,” advising ships to remain vigilant as landmines may still be present.

Iraq aims to restore oil output above 3 million barrels per day within two months after production fell 60% during the US-Israel conflict with Iran, dropping from 33 lakh barrels daily to approximately 13 lakh. Oil Ministry spokesman Salim Farhoud said restoration work is underway across affected oilfields.

Trump shared a Qantas Insights survey showing 43% of 1,000 likely voters strongly supported the initial US-Iran agreement, which includes de-escalation, resumed shipping through Hormuz, and 60 days of talks on Iran’s nuclear program and sanctions. 13% expressed some support, while 8% strongly opposed.

Former US President Barack Obama slammed Trump’s Iran deal in an NBC interview, saying the US is “maybe a little bit worse off than before we started the war” after fighting, spending billions, and putting enormous strain on the military.

Iran’s Foreign Ministry spokesman Esmail Baghaei said negotiations on a final agreement can begin only if provisions in paragraphs 1, 4, 5, 10, and 11 of the Memorandum of Understanding (MoU) between Iran and the US are implemented. The specific conditions remain undisclosed.

Qatar’s Prime Minister and Foreign Minister Sheikh Mohammed bin Abdurrahman Al Thani, a key mediator, arrived in Switzerland on Friday. Trump’s son-in-law Jared Kushner is also expected to join potential talks. Witkoff and Kushner led negotiations that produced the initial MoU with Iran.

Further details on when talks will resume are awaited. The next round was scheduled to begin Friday but was abruptly postponed due to increased violence between Israel and Hezbollah.