On June 21-22, the US and Iran held their first high-level talks at Mount Bürgenstock in Switzerland, lasting about 18 hours. US Vice President Vance said the negotiations had made “major progress over the past few hours.”

The mediators—Qatar and Pakistan—issued a joint statement confirming that the talks had concluded.

Iran disclosed five agreed key points:
① Three working groups will be established (nuclear issues, sanctions, and oversight mechanisms).
② Iran and Qatar signed a memorandum of understanding to implement the unfreezing of assets.
③ The US issued a 60-day exemption from Iran’s oil/petrochemical sanctions.
④ All parties agreed to complete a roadmap for a final agreement within 60 days.
⑤ A communication hotline for the Strait of Hormuz will be established, along with a Lebanon “conflict de-escalation group.”

Most importantly, under Article 13 of the memorandum, the four listed preconditions—① a comprehensive ceasefire (especially on the Lebanon front), ② lifting the maritime blockade, ③ unfreezing assets, and ④ oil sanctions exemptions—must all be fully implemented before Iran enters the final phase of negotiations.

An Iranian Ministry of Foreign Affairs spokesperson clearly stated that the US “either cannot or does not want to implement” this—namely, the Lebanon ceasefire—because Israel is still continuing to violate its commitments.

At present, the negotiations are stuck on four fronts:
① The Strait of Hormuz. Iran’s foreign minister said “the blockade has been lifted,” but the military still says the strait is closed and traffic volume is zero. Although the hotline has been set up, actual passage has not yet resumed.
② Ceasefire in Lebanon. Through the “conflict de-escalation group,” Iran officially entered Lebanon’s security framework, excluding Israel. However, the IDF Chief of Staff said military operations “are still ongoing,” and Netanyahu ordered the IDF not to withdraw at this stage. Over the two days from the 19th to the 20th, Israeli airstrikes caused the deaths of more than 100 people.
③ The text of the agreement. So far, only the five major points disclosed unilaterally by Iran are available. The mediators have not yet released the full text, and the US has not independently confirmed it.
④ The diplomatic flare-up triggered by Trump’s threats. Trump warned that if Iran does not stop supporting Hezbollah in Lebanon, the US will “strike Iran hard again.” Iran’s delegation temporarily walked out in protest, demanding that Trump apologize; otherwise, they would not continue the formal talks.

In short, the framework is in place, but the implementation layer is still all blocked. The strait is not open, the ceasefire is fragile, Israel has been excluded, and Trump is lashing out again. As long as the four preconditions in Article 13 are not fully implemented, the final agreement cannot be launched. $BTC