Iran cites major progress in all-night talks with US as 60-day peace deal countdown begins

Iran and the United States pulled an all-nighter in Switzerland, and both sides say it was actually productive. Iranian officials announced major progress following intense overnight negotiating sessions aimed at finalizing a peace deal within a two-month window.

A memorandum of understanding was signed electronically by US President Donald Trump and Iranian representatives, kicking off what amounts to a 60-day sprint to get a comprehensive agreement across the finish line. The countdown began around June 18, with mediators from Qatar and Pakistan describing the results as “encouraging progress.”

What the deal framework looks like

The MoU outlines a timeline for technical negotiations and continued discussions between the two sides. Among the critical steps on the table: reopening the Strait of Hormuz and halting military operations.

For context, the Strait of Hormuz is one of the most strategically important chokepoints on the planet. Roughly a fifth of global oil supply passes through it on any given day.

Qatar and Pakistan serving as mediators is notable in its own right. Both countries have maintained relationships with Tehran that Western nations largely have not, giving them credibility at the table that a purely US-led process would lack.

Why crypto traders are watching Swiss hotel lobbies

Following positive signals from the Switzerland talks, Bitcoin surged above $65,500. The pattern has been consistent throughout the US-Iran conflict cycle. Good news from negotiations pushes digital assets higher. Bad news, or even just ambiguous news, pulls them down.

Delays and escalations during earlier rounds of the conflict triggered drops of up to 7% in Bitcoin’s price.

Adding another layer of complexity: the US placed sanctions on Nobitex, described as Iran’s largest crypto exchange, in June 2026. That move came amid the broader conflict and serves as a reminder that even as diplomats negotiate peace, the financial warfare infrastructure remains active.

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