Iran’s armed forces declared military readiness as US negotiations commenced in Switzerland on June 21, 2026. This follows a memorandum signed on June 17, outlining efforts to reduce hostilities over nuclear issues and consider the reopening of the critical Strait of Hormuz, through which roughly 20% of the world’s oil supply flows. Iran has threatened to close this vital passage amidst escalating tensions in the region, specifically involving Israel and Lebanon.
Leading Iran's delegation is Mohammad Bagher Ghalibaf, accompanied by Foreign Minister Abbas Araghchi. The US delegation is headed by Vice President JD Vance and includes envoys Steve Witkoff and Jared Kushner, with Qatar and Pakistan serving as mediators. Prior negotiations from 2025 to mid-2026 resulted in a fragile interim deal.
In a significant development, the US Treasury sanctioned Nobitex, Iran’s largest digital asset exchange, on June 2, 2026, citing ties to the Islamic Revolutionary Guard Corps and sanctions evasion. These sanctions have frozen hundreds of millions in assets, severely impacting Iran's crypto market, where Nobitex accounted for over 50% of the country’s digital asset influx in 2025.