Update(0935ET): As part of the MoU framework, and ongoing technical peace discussions in Switzerland (with US and Iranian teams still though - though Vance and Ghalibaf have at this point departed after their 18-hour first round achievement - Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil - it stated in a huge forward-momentum development. Treasury Secretary Scott Bessent announced on X:

Oil dropped to low of day on the significant latest development:

Some further details:

• US AUTHORIZES SOME SALES OF CRUDE OIL OF IRANIAN ORIGIN
• US LICENSE AUTHORIZES SALES THROUGH TO AUGUST 21, 2026
• US LICENSE AUTHORIZES IMPORTATION OF CRUDE OIL OF IRANIAN OIL

However, Vance has also sought to inject some caution on some of the premature reporting regarding releasing frozen Iranian funds, amid complaints from US and Israeli hawks at home:

*  *  *

Axios is reporting Monday morning Iran has agreed to invite IAEA inspectors back to the country, according to fresh words of Vice President J.D. Vance, who focused all day prior and much into the overnight on forging a path forward toward permanent peace.

The two sides are seeking to hammer out a long-term nuclear agreement, now amid the technical talks process, as delegation heads depart Switzerland - leaving diplomatic teams behind. The 60-day roadmap begins.

If indeed the UN nuclear inspectors are eventually let back into Iran, this would be a hugely significant step. This would be to verify compliance to the preliminary agreement, Vance further hails:

He described that he phoned UN nuclear inspectors at 2am last night to update them on the developments, however, he said that no one picked up the call.

"As you can expect, not many people are answering their phone at two in the morning," said Vance. "I expect that will happen at the minimum this week, but we think even some of those conversations with the inspectors and with the IAEA could happen as soon as today."

Both warring sides appear to finally be in the same page in terms of issuing 'positive' and 'encouraging' assessments earlier. There were reports of last-minute disagreements, threats, and warnings that the process could collapse near the conclusion of yesterday's formal round one of talks.

"So they didn’t walk out, and their technical team is still here in Burgenstock working with our technical team," Vance explained.

"What we told the Iranians yesterday is, 'When you guys exchange in what us millennials might call trash talk, you can't expect the president of the United States not to respond and not to correct the record'."

Vance conceded that in the end there was a "a little bit of threatening" and "whining but at the end of the day, the talks continued and we made great progress."

He further described that a mechanism had been established to keep the Strait of Hormuz open, while noting that significant work remained and that technical negotiations would continue. Also, importantly he said that a "very good foundation" was laid for a successful final agreement with Iran.

The Iranian delegation, led by Mohammad Bagher Ghalibaf, also left the venue in Switzerland today - after approximately 18 hours of talks and consultations.

Meanwhile a fresh note from Goldman Sachs comments:

China too has expressed hope Iran and the US will maintain the momentum and ultimately work towards positive progress, Foreign Ministry spokesperson Guo Jiakun said Monday from Beijing. He praised the mediation efforts by Pakistan, Qatar and other parties when asked about the Iran-US talks in Switzerland, the Xinhua news agency reported. "China supports Pakistan and Qatar and all relevant parties in their mediation efforts," Guo said.

New Iran MFA statement:

However, while an uneasy calm has taken over Lebanon, with analyst Mohanad Hage Ali of the Malcolm H Kerr Carnegie Middle East Center in Beirut stressing: "The conflict now in Lebanon is waiting for another spark,” said Mohanad Hage Ali from the Malcolm H Kerr Carnegie Middle East Center in Beirut."

"It just became a buffer zone, a kind of a punching bag in which anyone who wants to score can use it, whether to get at the US-Iran negotiations – which Israel specifically is not very happy about – or from the Iranian side, where a faction unhappy with how negotiations are going can sabotage them through the Lebanon front," he explained.