US and Iranian negotiators are meeting in Switzerland to discuss an interim agreement aimed at de-escalating regional hostilities. The talks, taking place at the Bürgenstock Resort, involve high-ranking US officials, including Vice President JD Vance.
The agenda is dense, with negotiators working through the reopening of the Strait of Hormuz and the unfreezing of billions in Iranian assets. Iran claims its closure of the strait was a response to Israeli actions in Lebanon, but US officials dispute this characterization.
Despite sharp disagreement over the closure, both sides have reportedly made progress on ceasefires and Strait access in recent weeks. This development has implications for crypto markets, which tend to surge when de-escalation news emerges from the region.